Pace of home price growth slows

PUBLISHED : Friday, 21 April, 2006, 12:00am
UPDATED : Friday, 21 April, 2006, 12:00am

Housing prices in 70 major mainland cities rose 5.5 per cent in the first quarter of the year, slowing from the previous quarter, but the eastern city of Dalian recorded a rise of nearly 15 per cent, the government said yesterday.

Beijing has been trying to crack down on property speculation as part of measures to slow the economy.

Trailing Dalian, the Inner Mongolian city of Hohhot saw a 12.4 per cent rise in the first quarter, Shenzhen 10.2 per cent, Chengdu 8 per cent and Qingdao 7.8 per cent, the National Bureau of Statistics and the State Development and Reform Commission said.

House prices in Wenzhou fell 2.5 per cent year on year, while those in Shanghai fell 1.3 per cent. The cities' property markets are considered the most speculative.