- POSTED: 30 Sep 2013 22:50
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Chinese property prices increased at a faster rate in September than the previous month as the effect of price-control policies weakened, a survey said on Monday.
BEIJING: Chinese property prices increased at a faster rate in September than the previous month as the effect of price-control policies weakened, a survey said on Monday.
The average price of new homes in 100 cities rose 9.48 per cent year-on-year to 10,554 yuan (US$1,700) per square metre, according to the independent China Index Academy.
The rise was faster than the 8.61 per cent year-on-year increase in August, according to the Academy, which is owned by Soufun Holdings, China's largest real estate website operator.
Month-on-month, prices in the cities surveyed were up an average of 1.07 per cent, marking the 16th straight month of growth and acceleration.
The prices reflected a "continued trend of gradually weakening effect" of price controls introduced since 2010, the Academy said.
Buyers also expected price rises in future months, adding to price pressures, it said.
Large cities such as Beijing, Shanghai and Guangzhou saw the most dramatic price increases.
Beijing led the rise in the average cost of a new home among the 10 biggest Chinese cities in September, with the price surging 3.75 per cent month-on-month to 30,497 yuan per square metre, 26.88 per cent higher than a year ago, the data showed.
In Shanghai, new houses cost on average 29,306 yuan per square metre, up 1.13 per cent from August and 8.85 per cent higher from a year ago.
Prices in the southern cities of Shenzhen and Guangzhou also surged year-on-year, seeing increases of 21.19 per cent and 24.8 per cent respectively.
"In these main cities there is still not enough supply," the report said, adding that there was a high likelihood of further increases.
High property prices are a major source of discontent among citizens, and authorities have sought for more than three years to control their rise.
Measures have included restrictions on purchases of second and third homes, higher minimum down-payments and taxes in some cities on multiple and non-locally owned homes.
But China has recently flagged it might not take further tightening steps owing to concerns about slowing economic growth.
New properties are the most important part of China's real estate market and the survey covers prices of both houses and apartments, including flats with prices regulated by the authorities.