Business

China’s new home prices grow at slowest pace in eight months in August

BEIJING : China’s new home prices grew at their slowest pace in eight months in August, official data showed on Wednesday, as a slew of measures to cool the country’s red-hot property market took a toll on demand in the world’s second-largest economy.

Average new home prices in China’s 70 major cities grew 0.2per cent in August from a month earlier, slowing from a 0.3per cent gain in July, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS).

Compared with a year earlier, China’s new home prices grew 4.2per cent in August, down from a 4.6per cent increase in July.

Authorities have stepped up efforts to contain home prices and limit leverage in the property market this year, introducing measures such as caps on property developers’ debt ratio and limits on banks’ lending to the sector.

(Reporting by Liangping Gao and Ryan Woo; Editing by Ana Nicolaci da Costa)

China’s new home prices grow at slowest pace in eight months in August Source link China’s new home prices grow at slowest pace in eight months in August

Back to top button