Business     

Property prices fall in more Chinese cities in August

Xinhua, September 18, 2011

• More cities reported lower or unchanged property prices in August amid cumulative government efforts to cool the market, according to the National Bureau of Statistics (NBS).

  In August, some 46 cities out of the statistical pool of 70 major cities saw new home prices decline or remain unchanged from a month earlier, compared with 31 cities in July, the NBS said in a report.

  Sixteen cities saw month-on-month declines in new home prices in August, up from 14 in July. Meanwhile, prices in 30 cities remained unchanged, according to the NBS.

  As for resold housing units, 26 cities reported second-hand home price declines month-on-month in August. Second-hand home prices stayed unchanged in 17 major cities in August from July, according to the NBS.

  In the latest effort to curb property prices, the State Council, China's Cabinet, required local governments to establish new home price control targets based on economic growth and increases in disposable income.

  The government has started to prepare home purchase restrictions in the country's second and third-tier cities to prevent prices from further increases.

  Previously, the government has restricted residents in major cities from buying second or third homes. Home buyers were also required higher down payments for mortgages, and property taxes have been levied in the cities of Chongqing and Shanghai.

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