China's Aug new home prices rise at slightly faster pace

[BEIJING] New home prices in China rose at a slightly faster monthly pace in August, as consumer demand continued to recover from the coronavirus crisis.

Average new home prices in 70 major cities climbed 0.6 per cent in August from a month earlier, up from a 0.5 per cent increase in July, according to Reuters calculations based on data released by the National Bureau of Statistics on Monday.

On an annual basis, home prices rose 4.8 per cent in August, matching July's pace.

The property market has been a major driver in China's economic recovery, with home sales and investment growing at a robust pace in recent months after coronavirus lockdowns were lifted.

But policymakers are concerned about the risks of speculation and overheating. Regulators last month said they would institute new rules to control the level of liquidity in the real estate market and some major cities have tightened curbs on home purchases in recent weeks to rein in prices.

REUTERS