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China's September new home price gains led by smaller cities

China Materials 20 October 2018 10:09 (UTC +04:00)

China’s new home prices increased at a firm pace in September, supported by gains in smaller cities and showing the market remained resilient despite pressures from softer investment, a slowing economy and government curbs on the sector, Reuters reports.

Average new home prices in China’s 70 major cities rose 0.9 percent in September from a month earlier, Reuters calculated from official data published on Saturday, slower than the previous month’s reading of 1.4 percent, which was the fastest growth in two years.

Compared with a year ago, however, new home prices climbed 7.9 percent, the quickest year-on-year gain since August 2017 and faster than the previous month’s 7 percent rise.

Prices continued to rise despite tougher curbs designed to rein in a near-three-year real estate boom that has spilled over from megacities to the hinterland.

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