Prop­erty growth ex­pands in Au­gust

China Daily (Canada) - - NEWS CAPSULE -

China’s hous­ing sec­tor saw growth ac­cel­er­ate in Au­gust, as more lo­cal gov­ern­ments rolled out tight­en­ing mea­sures to curb spec­u­la­tion.

Of 70 large- and medi­um­sized cities sur­veyed in Au­gust, 64 re­ported new home price in­creases month-on-month, up from 51 in July and 55 in June, the Na­tional Bureau of Sta­tis­tics (NBS) said.

Home prices grew faster across the board in both mon­thon-month and year-on-year terms, said the NBS.

Eco­nom­i­cally strong ar­eas re­ported dras­tic price rises, and less de­vel­oped ar­eas still re­ported huge in­ven­to­ries of un­sold houses.

The con­trast­ing pic­ture has prompted lo­cal au­thor­i­ties to take dif­fer­ent ap­proaches: first-tier cities have tight­ened poli­cies to curb spec­u­la­tive pur­chases and con­tain bub­ble risks, while third- and fourth-tier cities are ex­plor­ing new ways to spur sales.

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