growth rates: Breakdown figures showed that new home prices in first-tier cities such as Beijing as well as large second-tier cities across China edged up 0.5 percent and 1.3 percent in October month on month, with growth rates 2.8 percentage points and 1 percentage point lower than September, respectively, the National Bureau of Statistics NBS said earlier this week, according to Xinhua China. Second-hand residential property sales reinforced the trend, as prices of existing homes in first- and second-tier cities rose 0.6 percent and 0.8 percent over the same period, with the growth rates 2.9 percentage points and 1.1 percentage points lower than September respectively. MILDER PRICE GAINS Home prices in large and medium-sized cities still registered an uptick in October, but the growth pace was slower than September, evidence of nascent effects of recent tightening moves, experts said. NBS senior statistician Liu Jianwei attributed the milder price gain to policies rolled out by different local governments to contain spiking prices. Recent tightening moves have effectively halted the housing price spike trend and helped regulate the market order, said Liu Hongyu, a professor at Tsinghua University, adding that the long-term policy effects still deserve observation. The data were released on the heels of a slew of measures to rein in speculative housing purchases, check the risk of asset bubbles and stabilize the market, with dozens of Chinese cities modifying market rules including higher deposits and more restrictions.
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Tagged under growth rates, october month topics.