Second-hand property turnover rises in June

Statistics showed that second-hand property turnover in six major Chinese cities continued to rise in June, indicating a stronger property market and causing worries about a price rebound.

In June, combined second-hand property turnover in six Chinese cities increased 18.1 percent over May to hit 4.74 million square meters, according to Centaline Property, a property agency and consultancy service provider.

Among the six cities, Chengdu registered the largest growth, up about 40 percent compared to May. Turnover growth in the other five cities - Beijing, Shanghai, Guangzhou, Shenzhen and Tianjin - was within 20 percent.

At the same time, prices rebounded. Shanghai's second-hand house prices index saw the largest growth of 1.93 percent over the last month. Beijing, Guangzhou and Shenzhen also saw a month-on-month price index growth of over 1 percent.

Qu Anxin, senior manager of Centaline Property, said the turnover increase is due to a changing outlook for the property market. The strong turnover since May has prompted concerns that the dip in property market is coming to an end and that a price pickup might be on the horizon.

The consecutive interest rate cuts in June and early July have also added to expectations that price rebound is around the corner, Qu said.