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House prices still edging up, but at a slower rate: survey

By Zhang Ye (Global Times)

08:36, September 04, 2012

The average house price in China's largest cities has seen continuous but slight growth for the last three consecutive months, according to a survey released Monday by China's leading property research organization.

A survey of 100 of the nation's major cities, conducted by the Beijing-based China Index Academy, found that the average house price in August was 8,738 yuan ($1,377) per square meter, 0.24 percent higher than in July.

This compares to a month-on-month increase of 0.33 percent in July.

Experts predicted that most cities in China would not see significant growth in average house prices during the next two months, even though it is traditionally considered to be the best period for home sales in China.

In September and October, the house supply will exceed national demand as large amounts of new properties will be available, Yin Bocheng, director of the real estate research center at Shanghai-based Fudan University, told the Global Times Monday

"Most of the house sellers will focus on how many units they sell rather than on prices, so it is unlikely there will be much growth in the average house price around the nation," said Yin.

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