Property prices reach for the sky in Shenzhen

Home prices in Shenzhen, Guangdong province, have risen to record levels, helped by limited supplies and further relaxations in purchase policies, industry experts said on Wednesday.

According to a survey conducted by the China Index Academy, an independent research institute focusing on the housing industry, Shenzhen led all cities in terms of housing price increases during the past six months, with new residential property prices surging by 6.58 percent in June from a month earlier.

Prices for second-hand houses rose by 8.59 percent in June from a month earlier, and by a dramatic year-on-year surge of 19.12 percent, the survey said.