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- China's home price growth at weakest in nearly a year - NBS
China's home price growth at weakest in nearly a year - NBS
China’s new home prices grew at their weakest pace in nearly a year in August as a cooling economy and existing curbs on speculative buying put a dent on overall demand.
Average new home prices in China’s 70 major cities rose 8.8% in August from a year earlier, compared with a 9.7% gain in July and the weakest pace since October 2018, according to the report from National Bureau of Statistics (NBS).
On a monthly basis, average new home prices rose 0.5% in August, less than July’s growth of 0.6% and the smallest increase since February. However, it still marked the 52nd straight month of gains.
Most of the 70 cities surveyed by the NBS still reported monthly price increases for new homes, though the number was down to 55 from 60 in July.
The property sector has held up as one of the few bright spots in the world’s second-largest economy.
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