China August home prices rise 9.2% y-o-y

[BEIJING] Average new home prices in China's 70 major cities rose 9.2 per cent in August from a year earlier, accelerating from a 7.9 per cent increase in July, an official survey showed on Monday.

Compared with a month earlier, home prices rose 1.5 per cent, quickening from July's 0.8 per cent, according to Reuters calculations from data issued by the National Bureau of Statistics (NBS).

Home prices in the coastal city of Xiamen and inland city Hefei had the biggest surge, rising 43.8 per cent and 40.3 per cent respectively, from a year ago.

Shanghai and Beijing prices rose 31.2 per cent and 23.5 per cent.

A booming property market has given a much-needed boost to China's economic growth this year, but concerns are rising that the upward trend in prices won't be sustainable, as a growing number of overheated cities have introduced restrictions on home purchases to prevent asset price bubbles.

REUTERS