China’s home price rises at lowest rate this year

China’s home price rose at its slowest rate this year as tightening measures led to a decline in transactions, the Dow Jones news agency reported Thursday.

Housing prices edged up slightly by 0.07 per cent in August from July, compared with July’s 0.21 per cent on-month increase, according to the China Real Estate Index System.

However, from a year earlier, the average price for new properties was up 6.9 per cent in August, compared with July’s 6.8 per cent increase.

A survey of property developers and real-estate agencies cited by Dow Jones showed that the average home price in August was 8,880 yuan (S$1,675) per square meter, slightly up from 8,874 yuan in July

Prices of properties in 56 cities increased in August compared with July, while 44 cities reported a decline.

The Chinese government has implemented several measures to control speculation in its property market, including home purchase limits, higher interest rates. Reports earlier this week revealed that China’s housing ministry intends to extend a home purchase limit programme currently aimed at 40 main cities to its lower-tier regions.

Source : Today –  2 Sep 2011

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