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No rise in home prices on cool market
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WEAKNESS in the Chinese property market continued for another month and was responsible for prices not rising in 70 major cities in September, according to a latest survey.
The number of Chinese cities where prices fell month on month rose to 69 last month from 68 in August, the National Bureau of Statistics, which tracks housing prices in the 70 major cities, said yesterday on its website.
Prices were flat in Xiamen in Fujian Province, according to the bureau’s data.
“Home prices kept going south in September, or shrinking 0.2 percentage points from that of August,” said Liu Jianwei, the bureau’s senior statistician. “On a year-on-year basis, the number of cities where prices declined also rose notably compared to a month earlier.”
New home prices in Luzhou, Guilin and Bengbu led decliners countrywide, with a 1.9 percent fall from August.
Of the four first-tier cities, prices in Guangzhou fell 1.4 percent month on month, followed by a 1.1-percent decrease in Shanghai and a 0.9 percent drop in both Beijing and Shenzhen, the bureau said.
New home sales “rebounded in September across the country with the number of new home purchase deals up about 8 percent from August in the 70 cities,” Liu said.
“However, it still remains rather unclear how that would affect housing prices.”
Prices in the pre-owned home market in all 70 cities dipped from a month earlier by between 0.5 and 2 percent, the data showed. Year on year, prices fell in 52 cities, from 32 in August.
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