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Property prices hike 9.3% last month
By Cao Qian |
September 10, 2010, Friday
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CHINA'S urban property prices climbed in August although the pace was slowing due to the effect of rein-in measures imposed by the central government in April.
Real estate prices in 70 major cities on the Chinese mainland rose 9.3 percent last month, extending its year-on-year gain for 15 consecutive months, the National Bureau of Statistics said yesterday on its Website.
That compares to a growth of 10.3 percent in July, 11.4 percent in June, 12.4 percent in May and 12.8 percent in April, the biggest year-on-year gain since July 2005, when the bureau doubled the number of cities it was tracking.
Month-on-month change was not recorded for the second straight month, the bureau said.
"The year-on-year price growth at a decelerated rate since May indicated that the country's tightening policies have taken effect to curb speculations to some extent," said Sky Xue, an analyst with China Real Estate Information Corp, a major real estate consulting and online services provider.
"But on a month-on-month basis, prices stayed firm mainly because of inadequate supply and strong demand from both end-users and investors."
Across the country, prices of new and existing homes jumped 11.7 percent and 6.2 percent in August from a year earlier, compared with 12.9 percent and 6.7 percent in July respectively. In Shanghai, they rose 6.3 percent and 6.2 percent, respectively.
Real estate prices in 70 major cities on the Chinese mainland rose 9.3 percent last month, extending its year-on-year gain for 15 consecutive months, the National Bureau of Statistics said yesterday on its Website.
That compares to a growth of 10.3 percent in July, 11.4 percent in June, 12.4 percent in May and 12.8 percent in April, the biggest year-on-year gain since July 2005, when the bureau doubled the number of cities it was tracking.
Month-on-month change was not recorded for the second straight month, the bureau said.
"The year-on-year price growth at a decelerated rate since May indicated that the country's tightening policies have taken effect to curb speculations to some extent," said Sky Xue, an analyst with China Real Estate Information Corp, a major real estate consulting and online services provider.
"But on a month-on-month basis, prices stayed firm mainly because of inadequate supply and strong demand from both end-users and investors."
Across the country, prices of new and existing homes jumped 11.7 percent and 6.2 percent in August from a year earlier, compared with 12.9 percent and 6.7 percent in July respectively. In Shanghai, they rose 6.3 percent and 6.2 percent, respectively.
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