BRI NEWS Major Chinese cities see slower housing price growth in October

BRI NEWS

Major Chinese cities see slower housing price growth in October

CGTN

13:52, November 07, 2019

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(Photo: CGTN)

Home prices in China's 100 major cities continued to rise in October, but at a slower pace, as both demand and supply decreased in the real estate market.

Average new home prices in the cities increased 3.23 percent year-on-year in October, with the pace of growth decelerating 0.33 percentage points from September, according to a survey conducted by the China Index Academy, a property research institution.

On a monthly basis, the cities saw average new home prices climb 0.15 percent, down 0.16 percentage points from September. Of the 100 cities surveyed, 62 saw growing month-on-month new home prices while 32 reported falling prices, according to the survey.

Average new home prices in 10 major Chinese cities, including Beijing and Shanghai rose 2.16 percent year-on-year in October, down 0.42 percentage points from one month earlier.

In October, China's local governments continued to conduct regulations over the real estate market and improve the housing support system.

During the period, both supply and demand for new homes in key cities declined, the survey suggested. The Chinese government has repeatedly stated that "housing is for living in, not speculation" and vowed continued efforts to ensure the healthy development of the property market.

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