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The
jump compares to a 21.8 percent rise in the April, according to
China Real Estate Index System's (CREIS) survey of 36 major
first to third-tier cities.
Home sales in May rose 14.7 percent from April's level,
accelerating from the 11.4 percent increase between April and
March.
Rating agency Moody's changed its outlook on the China property
sector on Tuesday to stable from negative, reflecting the
effects of supportive monetary and regulatory policies.
"(The change is) to reflect our improved expectations for the
industry's fundamental business conditions over the next 12
months," said Kaven Tsang, a Moody's senior analyst, forecasting
China property sales value to grow 0 to 5 percent until June
2016.
China cut interest rates for the third time in six months in
May, in a bid to lower companies' borrowing costs and stoke a
sputtering economy that is headed for its worst year in a
quarter of a century.
In a separate survey released on Monday, prices of new homes in
288 cities edged up 0.05 percent in May from April, the first
rise in 14 months, property services provider Real Estate
Information Corporation (CRIC) said. Prices in first-tier cities
improved by as much as 2.2 percent.
But home prices in May were 1.61 percent lower compared to a
year ago, improving April when they were 1.69 percent lower.
"Home prices in some of the cities have shown significant
rise...but given the current housing market conditions, we think
this wave of price rises will be a modest one," said CRIC, owned
by E-House China Holdings Ltd <EJ.N>, citing still relatively
high inventory levels and developers' conservative approach to
land acquisition.
The government is due to publish its May property sales and
investment figures on June 11, and price data for 70 of the
biggest Chinese cities on June 18.
(Reporting by Clare Jim; Editing by Simon Cameron-Moore)
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