Housing prices in China rose 0.2% in August

Almaty. September 18. Silkroadnews – Housing prices in China rose 0.2% in August, Malay Mail reported.
“Average new home prices in China’s 70 major cities rose 0.2 per cent in August from a month ago, slowing from an 0.4 per cent gain in July, as policymakers battle to rein in an overheated market,” the report said.
As reported, compared to last year, prices for new housing rose 8.3% in August, slowing down from a 9.7% in July.
According to the publication, the real estate boom that lasted for almost two years reached its peak last August when prices jumped 1.5% in a month.
With this it is also noted that while regulators have started suppressing real estate speculations in more than 45 major cities, buyers turned their attention to smaller cities, as local governments offered cheap credit and imposed fewer restrictions in the hope of getting rid of excess housing.
Many analysts still expect the sector to gradually lose momentum during the remaining part of the year, given the ever-tightening policy and official financial campaign to reduce the number of risky financial deals.