China's property price growth slows anew in August
Sunday 12 September 2010
Growth in China's property prices slowed for the fourth straight month in August, data showed Friday, suggesting that government efforts to pop a feared speculative bubble are paying off.
Housing prices in 70 major cities rose 9.3 percent year-on-year in August, the National Bureau of Statistics said, down from 10.3 percent in July.
The slower growth came after Beijing imposed a range of measures to prevent the real-estate sector overheating and causing a bubble that analysts say could derail the economy.
Prices had surged 12.8 percent in April, the biggest on-year rise for a single month since July 2005, when the survey was widened to 70 cities from 35.
On a monthly basis, property prices were unchanged last month from July, the statistics bureau said.
Total floor space - commercial and residential - sold last month fell 10.1 percent year-on-year to 68.86 million square metres (741 million square feet), the data showed.
The value of sales also fell 8.6 percent from the same period last year to 353.3 billion yuan (52.2 billion dollars), adding to mounting evidence that the government's anti-speculation measures are working.
Authorities this year have tightened restrictions nationwide on advance sales of new developments, introduced curbs on loans for third home purchases and raised minimum down-payments for second homes.
The government said in July it had no plans to ease the restrictions and would continue to "firmly crack down on speculative purchases of houses".
The State Council, or cabinet, said in May it would "progressively push forward the reform of the property tax", which is widely expected to entail an expansion of the tax on commercial real estate to cover residential houses.
Owing to fears of a US-style bubble, regulators have asked Chinese banks to test the possible impact of a 30-percent plunge in property prices on the quality of their loan books.
Emergency call 'started off dumb, but got pretty serious'
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Thought you'd seen it all after the Jeremy Paxman interview?
Greatest mystery about the hit BBC1 show is how it continues to be made at all, writes Grace Dent
"History is violent," says the US Army tank commander Don "Wardaddy" Collier
Animal welfare charities have urged the boy band to cut the scenes
Argentinian scored 'rabona' wonder goal for Tottenham in Europa League – see it here
Life & Style blogs
Ebola outbreak: Virus to kill 67,000 in Monrovia by December, claims academic study
Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
Ebola: NYC doctor Craig Spencer tests positive for disease after returning from west Africa
Watch what happened when food critics were unknowingly served McDonald's
What do the text messages between you and your partner reveal about your relationship?
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes a bit too far at the Q Awards
- 4 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
- 5 Of course, teenage girls need role models – but not like beauty vlogger Zoella
£350 Per Day: Clearwater People Solutions Ltd: Our client based in Reading are...
£10 per hour: Randstad Education Chelmsford: Are you an experienced note taker...
£4800 - £33600 per annum: Randstad Education Manchester Secondary: A full time...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...