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China’s housing market cools in October

HOME prices in China climbed at a slower pace in October as tightening measures introduced around the country to cool down the domestic residential market began to take effect, the China Index Academy said in a report released today.

The average cost of a new home rose 1.65 percent from a month earlier to 12,825 yuan (US$1,878) per square meter, decelerating from a 2.83 percent growth in September, said the academy, which monitors market activity in 100 cities nationwide.

Prices rose in 79 cities in October, down from 81 cities in September. They fell in the rest 21 cities.

By city, Wuhu in eastern Anhui Province led all with a month-over-month price gain of 4.35 percent, immediately trailed by Changsha in Hunan Province.

Among the country's four gateway cities, Guangzhou took the lead with a monthly gain of 2.82 percent, followed by Beijing, Shanghai and Shenzhen, where new home prices rose 1.26 percent, 1.09 percent and 0.27 percent, respectively, from a month earlier, the academy's data showed.

"Most of the cities we track registered rather stable performance last month as rein-in policies launched in many cities across the country around the National Day holiday have made preliminary achievement in cooling down the overheated property market," the academy said. "Looking forward, the latest round of tightening measures are expected to extend its forces over the coming months and continue to bring realism back to the market as the year end is approaching."

The median price of a new home in the 100 cities stood at 7,306 yuan per square meter in October, a month-over-month increase of 2.2 percent and a year-over-year gain of 2.67 percent, the academy said.

More than 20 Chinese cities, mainly first-tier and selected second-tier ones where home prices have been surging this year, have implemented recently a series of austerity measures that include higher down payment requirement and more stringent home purchase restrictions.


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