China Sept home prices rise 11.2pc

BEIJING: Average new home prices in China’s 70 major cities rose 11.2 per cent in September from a year earlier, accelerating from a 9.2 per cent increase in August, an official survey showed on Friday.

Compared with a month earlier, home prices rose 2.1 per cent, quickening from August’s 1.5 per cent, according to Reuters calculations from data issued by the National Bureau of Statistics (NBS).

Home prices in second-tier cities Hefei and Xiamen had the biggest surge, rising 46.8 per cent and 46.5 per cent respectively, from a year ago.

Shenzhen, Shanghai and Beijing prices rose 34.1 per cent, 32.7 per cent and 27.8 per cent. — Reuters