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China new home prices increase 1% in Jan.


11:13, February 05, 2013

To the property market now where the latest data shows home prices in China are still on an upward trend. A private survey showed average new home prices in China’s 100 biggest cities rose 1-percent in January from December, the eighth straight monthly increase since last June.

The China Index Academy, a research body under China’s biggest property information platform, Soufun, showed average new-home prices in 100 large Chinese cities increased to over 9800 yuan or 1,570 US dollars per square meter. Researchers with the Institute of Finance and Banking under the Chinese Academy of Social Sciences, also a top government think tank, say the one percent rise is alarming as previous month-on-month price rises were no more than half a percent. They say the price surge in major cities resulted from rapidly diminishing inventories of property developers, meaning demand is currently outweighing supply in China’s property market.

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