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Housing Price Hike Slows Down in China
The growth rate of China's average housing price dropped for the first time this year to a single digit level of 9.2 percent in August, the National Bureau of Statistics (NBS) said Tuesday.
NBS figures show the average price of commercial housing stood at 2,263 yuan per square meter by the end of August, when the national real estate index, which tracks down the real estate industry, dropped 0.1 points from July to 106.36.
However, the August real estate index was 3.04 points higher than a year earlier, which shows the real estate development sector still maintained a strong momentum, the NBS said.
The total area of land development and newly completed buildings continued to grow at a robust rate in August while investment in real estate development increased, it said.
The NBS attributed the real estate index dip mainly to the drop in the selling price of housing and fund supply.
In August, it said, the real estate market was healthier as stockpiles continued to slim and the total area of unsold housing was decreasing in such localities as Beijing, Shanghai and Shandong.
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