Shanghai leads surge in new home prices

By Cao Qian | November 18, 2013, Monday |

Online Edition

New home prices in Shanghai surged the most from a year ago in October among 70 major Chinese cities, according to data released today by the National Bureau of Statistics.

Only one city – Wenzhou - registered an annual price fall last month. With an annual increase of 21.4 percent, Shanghai led all gainers in October and was closely trailed by Beijing, Guangzhou and Shenzhen, where new home prices rose 21.2 percent, 20.7 percent and 20.6 percent, respectively, from the same time a year ago.

On a month-on-month basis, 65 of the 70 cities saw rises in new home prices in October, official data showed.

The pace of growth in new home prices averaged 0.7 percent on a monthly basis, slowing 0.2 percentage point compared with that in September as developers ramped up supplies to meet growing demand during the traditional sales season and government tightened price regulations, explained senior NBS statistician Liu Jianwei.

The reason that first-tier cities continued to lead rises while prices in most second- and third-tier cities grew at a more tempered pace was partly due to a low comparison base, the bureau said.

The data covered the country's large and medium-sized cities, provincial capitals and other cities.

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Shanghai leads surge in new home prices

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