China April house prices +4.9% y/y (vs. +3.6% in March)

• Beijing April new home prices +10.3% y/y (vs. March +8.6%)
• Shanghai April new home prices +8.5% y/y (vs. March +6.4%)
• Fastest pace of house price inflation in 2 years

Policy makers are concerned about excessive property price inflation, and introduced measures in March to try to cool the sector. They may be having some impact, as the m/m April price gain was 1% vs. 1.2% m/m in March.