Wednesday, September 18, 2013
Nearly All China's Big Cities See Aug Home-Price Rise
HONG KONG (NQN)--Sixty-six out of China's 70 big cities saw prices for new homes rise on the month in August, according to data released Wednesday by the country's National Bureau of Statistics.
Nationwide, prices rose by an average 0.79% last month. In July, the number of cities where home prices rose was 62, slightly fewer than that in June. It is unlikely the increase in property prices, a source of concern for the Chinese economy, will stop anytime soon.
In Beijing, prices increased 0.9% on the month and 14.9% on the year. Prices in Shanghai climbed 1.5% on the month and 15.4% on the year. Shenzhen saw a 1.4% rise on the month and an 18.1% increase on the year. Guangzhou saw the largest growth compared with both the previous month and the previous year, with prices there rising 1.7% versus July, and expanding 18.8% compared with August 2012.
The figures, which exclude low-income housing, underscore the rising trend in house prices in big cities throughout China.