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China’s home prices rise to near 2-year high

by ChemOrbis Editorial Team -
  • 21/03/2016 (15:38)
According to media reports, home prices in China increased at their fastest pace in nearly 2 years due to high demand in big cities while the risks of overheating in some places as well as weaker growth in smaller cities continue to weigh down the economy.

Data released by the National Statistics Bureau (NBS) showed that new home prices in 70 major cities rose 3.6% year on year in February compared with a 2.5% gain in January. This represented the steepest yearly increase recorded in almost 2 years.

Data also revealed that prices surged 56.9%, 20.6% and 12.9% respectively in tier 1 cities including Shenzhen, Shanghai and Beijing.

In most tier 3 cities such as Hangzhou and Chongqing, prices continued to witness decreases on a yearly basis in February, though the rate of decline slowed compared to a month earlier.

China’s housing minister Chen Zhenggao stated that price differences between China’s big and small cities present a major policy challenge, adding that the government is hoping to see some stabilization in prices in tier 1 and tier 2 cities.
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