Tuesday, September 04, 2012

China home prices rise for third month in August

Prices of new homes across major Chinese cities continued to climb last month signifying a warming property sector, according to figures released by the China Index Academy (CIA).

In August, the average price of new units in 100 surveyed cities rose for the third consecutive month to 8,738 yuan psm (S$1,745 psm), or a 0.24 percent increase month-on-month.

However, the number of cities that saw price rises on a monthly basis dropped from 70 in July to 63 in August.

Nonetheless, more cities recorded higher month-on-month price gains in August, as only 10 cities saw month-on-month price hikes within one percent, compared to 22 in July.

Year-on-year, the average price of new homes across cities surveyed fell in August, marking almost three years of decline.

Prices of new homes in 10 first-tier cities such as Shanghai and Beijing rose 0.45 percent in August. However, prices were still 1.49 percent lower than the corresponding period in 2011.

Furthermore, prices of homes picked up after the central bank raised interest rates and the reserve requirement ratio for banks in early 2012 to help China’s slowing economy.

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