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More cities post home price declines in October

(Xinhua)

17:35, November 18, 2011

Photo taken on Nov. 13, 2011 shows buildings on construction in Qionghai, south China's Hainan Province. (Xinhua/Meng Zhongde)

BEIJING, Nov. 18 (Xinhua) -- More Chinese cities posted monthly home price declines in October following the government's campaign to calm the runaway property market.

In October, 34 cities in a statistical pool of 70 major cities saw declines in new home prices from September, compared with 17 in September, the National Bureau of Statistics (NBS) said Friday.

New home prices in 20 cities stayed flat last month from September, and the growth rates of home prices in the other cities were all below 0.2 percent, according to an NBS statement on its website.

On a year-on-year basis, two cities -- Wenzhou and Ningbo in eastern China's Zhejiang Province -- out of the 70, saw prices decline in October, compared with one in September. Gains of new home prices eased in 59 cities, the statement said.

Prices of new homes in the four top cities, including Beijing, Shanghai, Guangzhou and Shenzhen, saw month-on-month price drops after staying unchanged for three months.

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helen at 2011-11-19203.82.80.*
A continuing success for the policies implemented against unruly property speculation and profiteers. Chinese government efforts to build millions of affordable public housing will help the people to rent or buy cheap and quality accommodation. This is a fundamental need of the population in addition to curbing inflation.
  

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