Major Chinese cities see housing price growth in first 8 months

Source: Xinhua| 2020-10-07 16:23:49|Editor: huaxia

BEIJING, Oct. 7 (Xinhua) -- Home prices in 100 major Chinese cities rose in the first eight months, a report by the E-house China R&D Institute showed.

Average new home prices in the cities increased 10.7 percent year on year to 15,726 yuan (about 2,309.25 U.S. dollars) in the January-August period, rebounding from a decline of five consecutive months.

Of the 100 cities surveyed, new home prices in four first-tier cities rose 6.3 percent while that in 32 second-tier cities saw a surge of 9.6 percent, the report said.

Third- and fourth-tier cities saw the largest price increase, rising 10 percent year on year in the period, it said.

Meanwhile, five cities saw their housing price went up over 20 percent, the data showed.

Tighter regulation has brought a cooling in house prices, and the regulations mainly target second-tier cities, said Yan Yuejin, research director at E-house China R&D Institute.

In August, local governments continued to maintain the principle of "housing is for living in, not for speculation," and adopted timely and targeted measures to steadily implement the long-term mechanism for real estate supervision. Enditem