China home prices up for 11th straight month in April-survey
BEIJING May 2 (Reuters) - Average home prices in China's 100 biggest cities rose in April from the previous month, the eleventh straight month-on-month rise, a private survey showed on Thursday, raising the risk of further tightening steps despite recent government measures to crack down on speculation.
Average home prices in April climbed 1 percent from March to 10,098 yuan ($1,600) per square metre, said China Real Estate Index System (CREIS), a consultancy tied to China's largest online property firm, Soufun Holdings.
The pace, however, moderated from March's month-on-month gain of 1.1 percent, it said.
The survey also showed home prices rose 5.3 percent in April from a year ago, up from March's 3.9 percent annual rise and marking the fifth consecutive year-on-year increase.
Relentlessly rising home prices have sparked concerns that home costs could start to spiral out of control and forced local governments into a fresh round of measures in late March in heed of central government orders.
Average home prices in China's top 10 cities, including Beijing and Shanghai, rose 1.3 percent in April from March and were up 7.9 percent from a year ago, CREIS said.
"There remains upward home price pressure in tier 1 cities and some tier 2 cities as shortages in home supply persist," it said in a statement.
"Looking forward, there are still risks of further tightening policies in cities where home prices are rising too fast."
Still recent cooling measures have shown initial results as home transactions slumped in major cities in April and month-on-month gains of home prices eased slightly, it said.
China's home prices started to rebound in mid-2012 as the central bank began to expand monetary easing as part of Beijing's growth-supporting policies.
The Chinese government is due to publish data on home prices in 70 major Chinese cities for April on May 18.
Home prices rose 3.6 percent in March from a year ago for a third consecutive month, the most recent official data showed.
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