According to the National Bureau of Statistics of China, the price of new residential buildings in China’s 70 major cities increased by 0.56% in August compared to a 0.47% rise in July. Analysts name two main reasons for the rise in home prices: a swift rebound in the real estate sector and affordable loans for the population. At the same time, new housing price growth slowed down by 4.72% year-on-year, official data reveals. Newly built houses became more expensive in 59 out of 70 major cities in August both on a monthly and annual basis. Notably, in July, the price of new property rose in 62 Chinese cities. Among China’s biggest cities, Shenzhen recorded the largest increase of 6.2% compared to 5.9% in July. Chongqing ranks second with the price growth of 5.3%. It is followed by Shanghai where new apartments rose in value by 4.5%. Finally, in Beijing, the price of newly built houses was up by 3.4%.
