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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Growth in home prices accelerates to 2-year high
    2018-09-17  08:53    Shenzhen Daily

THE country’s home prices accelerated in August at the fastest pace in nearly two years, a sign that China’s efforts to boost a slowing economy may once again be heating up real estate markets.

Average new home prices in China’s 70 major cities rose 1.4 percent in August from a month earlier, higher than July’s reading of 1.1 percent, according to calculations from an official survey published Saturday.

That marks the fastest gain since September 2016, and the 40th straight month of price increases, calculations show, despite tougher curbs designed to rein in a near-three-year real estate boom that has spilled over from megacities to the hinterland.

In a sign of broadening market strength, 67 out of the 70 cities surveyed by the National Bureau of Statistics (NBS) reported a monthly price increase for new homes, up from 65 in July. Only one city — Xiamen in Fujian Province — had an actual price decline.

Compared with a year ago, new home prices climbed 7 percent, speeding up from July’s 5.8-percent rise, the NBS data showed.

“Property price gains this year are due to looser credit,” said Nie Wen, an analyst at Hwabao Trust.

August price growth in the 35 small cities that the official survey tracks was more robust than in larger cities, rising 2 percent from a month ago, the NBS said in a statement accompanying the data.

The top price performer in August was Wuxi, a third-tier city near Shanghai in Jiangsu Province, whose prices surged 3.4 percent month on month, NBS data showed.

That comes even as many less-regulated smaller cities are expected to gradually tighten policies to curb prices.

China’s four biggest cities — Beijing, Shanghai, Shenzhen and Guangzhou — posted an average monthly price gain of 0.3 percent, compared with an increase of 0.2 percent in July.

While many property analysts believe authorities will be more cautious about stimulating property investment than in past downturns, some suspect additional funds will inevitably flow into the market as investors look for opportunities.

Central bank data last week showed household loans, mostly mortgages, rose to 701.2 billion yuan (US$102 billion) in August from 634.4 billion yuan in July, accounting for 54.8 percent of total new loans in August.

(SD-Agencies)

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