China’s August new home prices rise at a faster pace as consumer demand shows sign of picking up amid economic recovery
- Average new home prices in 70 major cities climbed 0.6 per cent in August from a month earlier, a touch better than a 0.5 per cent increase in July
- On an annual basis, home prices rose 4.8 per cent in August, matching July’s pace
New home prices in China rose at a slightly faster monthly pace in August, as consumer demand showed signs of picking up in a boost to an economy recovering from the coronavirus crisis.
Average new home prices in 70 major cities climbed 0.6 per cent in August from a month earlier, a touch better than a 0.5 per cent increase in July, according to Reuters calculations based on data released by the National Bureau of Statistics on Monday.
On an annual basis, home prices rose 4.8 per cent in August, matching July’s pace.
The property market has been a major driver in China’s economic recovery, with home sales and investment growing at a robust pace in recent months after coronavirus lockdowns were lifted.
Yet policymakers remain wary about the risks of overheating, long one of the key balancing acts for authorities as they try to support a crucial sector of the economy without stoking excessive speculation.
Since July, many major cities have imposed new restrictions on property transactions to arrest sharp price rises. Big provincial capitals Hangzhou and Shenyang also strengthened curbs on home purchases this month.