China August home prices rise 8.3 pct y/y
BEIJING, Sept 18
BEIJING, Sept 18 (Reuters) - Average new home prices in China's 70 major cities in August rose 8.3 percent from a year earlier, according to Reuters calculations based on official data published on Wednesday, marking the eighth straight month of year-on-year increases.
In month-on-month terms, prices rose 0.8 percent in August, accelerating from July's gains of 0.7 percent.
The National Bureau of Statistics said new home prices in Beijing rose 14.9 percent in August from a year earlier, compared with July's year-on-year increase of 14.1 percent. Shanghai's prices were up 15.4 percent in August from a year ago, versus 13.7 percent annual growth in July.
China still faces record home prices, partly because the central government's attempted controls on the sector have met with opposition from local governments, most of whom rely on selling land to boost their coffers.
Reuters started its weighted China home price index in January 2011 when the NBS stopped providing nationwide data, only giving home price changes in each of 70 major cities. (Reporting By Xiaoyi Shao and Jonathan Standing)
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