New home prices in China grew at a solid pace in April - NBS

New home prices in China grew at a solid pace in April as Beijing sought to boost economic activity in the face of an escalating trade war with the United States, though potential bubble risks may prompt some cities to tighten policies.

Average new home prices in China's 70 major cities rose 0.6% in April, unchanged from the pace of growth in March, according to the data released by the National Bureau of Statistics (NBS).

On the whole, it logged the 48th straight month of price increases. Most of the 70 cities surveyed by the NBS still reported monthly price increases for new homes, and the number was up to 67 from 65 in March, signalling broadening strength in the market.

On an annual basis, home prices rose 10.7% in April, picking up from a 10.6% gain in March.

Most of the price gains appeared to have been driven by growth in China's four top-tier cities - Beijing, Shanghai, Shenzhen and Guangzhou. Collectively, they rose 0.6% from a month earlier, quickening from a 0.2% gain in March. Tier-2 cities, which include most of the larger provincial capitals, also posted gains (+0.8% m/m, compared with +0.6% in March). In smaller tier-3 cities, they rose 0.5%, easing from 0.7% in March.