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China's New Home Price Growth Slowed in August

BEIJING--China's new home price growth continued to slow in August, amid tighter measures to curb housing speculation and cooling home buyers' demands.

Fewer cities reported a rise in prices, with prices of new homes rising in 46 out of 70 cities in August, down from 51 cities in July, according to data released by the National Bureau of Statistics Wednesday.

Following the implementation of the long-term property market regulation, both on-month and on-year price increases in 70 cities have continued to decline, said Sheng Guoqing, chief statistician at the statistics bureau's urban division.

Average new-home prices rose 0.16% in August from the previous month, compared with a 0.30% increase in July.

Compared with a year earlier, average new home prices rose 3.70% in August, down from a 4.10% increase in July. New home prices rose in 59 of 70 cities in August from a year earlier, down slightly from 60 cities in July.

Average second hand home prices in Shenzhen have fallen for four months in a row, Mr. Sheng said. Prices dropped 0.4% in August, he said.

Big cities such as Shenzhen, which reported rampant property speculation late last year, have seen a slowdown in second hand home price growth after the local government imposed stringent regulations earlier this year.


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(END) Dow Jones Newswires

September 14, 2021 22:18 ET (02:18 GMT)

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