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Home price increases slowing

(China Daily)

09:35, October 19, 2011

Apartment buildings in Foshan, Guangdong province. More Chinese cities saw property price increases slow down in September year-on-year. Meng Zhongde / For China Daily

BEIJING - More Chinese cities saw property price increases slow down in September year-on-year as the government's tightening measures to cool the market kicked in, the National Bureau of Statistics (NBS) said on Tuesday.

Last month, 59 of the statistical pool of 70 major cities saw new-home prices increase more slowly from a year earlier, compared with 40 cities in August, according to the NBS.

On a monthly basis, 17 cities saw new-home prices decline in September, up from 16 in August. Meanwhile, prices in 29 cities remained unchanged, NBS statistics showed.

Chongqing, one of only two cities to impose property taxes this year - the other was Shanghai - posted the steepest decline as prices dropped 0.4 percent from August. Changsha, Kunming, Yinchuan and Luoyang had the largest gain, 0.3 percent, according to the NBS.

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