BEIJING, Nov 18: Average new home prices in China’s 70 major cities in October rose 9.6 percent from a year earlier, a fresh record growth rate, according to Reuters calculations based on official data published on Monday, marking the tenth straight month of year-on-year increases.
In month-on-month terms, prices rose 0.6 percent in October, easing from September’s gains of 0.7 percent.
The National Bureau of Statistics said new home prices in Beijing rose 16.4 percent in October from a year earlier, compared with September’s year-on-year increase of 16 percent.
Shanghai prices were up 17.8 percent in October from a year ago, versus 17 percent annual growth in September.
The rises in both cities were the strongest since the data series began in 2011.
China still faces record home prices despite government measures to calm the market in large part due to a strong view that property remains one of the best investment options and also to local government land sales for much-needed revenues.
Reuters started its weighted China home price index in January 2011 when the NBS stopped providing nationwide data, only giving home price changes in each of 70 major cities. (agencies)
^^^^
Trending Now
E-Paper
Follow our WhatsApp channel