Business
11:54, 18-Sep-2017
China's property prices continue to stabilize in August
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China's property market continued to show signs of cooling as home prices in August fell or posted slower growth in major cities amid tougher policies,
official data showed Monday.
On a yearly basis, of the 70 cities surveyed
in August, the pace of new home price growth slowed in 15 major cities compared
with the same month of last year, the National Bureau of Statistics (NBS)
said.
AFP Photo
AFP Photo
First-tier city Shenzhen in south China saw a 1.9 percent price drop compared to the year before, while Shanghai and Beijing in August saw year-on-year growth of 2.8 and 5.2 percent respectively.
On a month-on-month basis, new home prices fell or remained flat in
13 cities in August, down from 14 in July, but up from 10 in June, according to
the NBS data. Overall monthly growth was 0.2 percent, lower than the 0.4 percent recorded in July.
According to Reuters, shares in China's top three property developers rose after the NBS published its latest statistics, with Country Garden, China Vanke and China Evergrande rising 3.4 percent, 4.1 percent and 2.6 percent respectively.
Source(s): Xinhua News Agency