Asia > Eastern Asia > China > China home prices rise by a record in four major cities

China: China home prices rise by a record in four major cities

2013/10/23

China\'s four major cities saw record rise in new home prices in September, stoking fears of a housing bubble. Prices in Beijing, Shanghai, Shenzhen and Guangzhou saw their biggest jump since the government changed its calculation method in January 2011.

Property remains a popular investment choice in China and prices have instantly risen for nine months in a row.

Analysts say Beijing has so far held back on imposing fresh curbs due to concerns over slowing economic increase.

However, data released last week showed that China\'s increase rate picked up in the July-to-September period - the initial rise in three quarters.

A lot of believe that with the economy picking up and property prices continuing to rise, policymakers may any minute at this time implement measures to control speculation in the sector and as well keep price rises in check.

Data released by the by China\'s National Bureau of Statistics on Tuesday showed that new home prices rose in 69 of China\'s 70 major cities in September.

In the capital city of Beijing, new home prices were 16% higher in September than they were a year before. In Shanghai, prices rose by 17% compared to a year before.

The southern manufacturing-based cities of Shenzhen and Guangzhou saw prices rise by 20%.

The eastern city of Wenzhou was the only Chinese city to post a decline. Prices fell by 1.7% from last year.

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