China's August home prices rise 0.5% m-o-m, annual growth slowest in nearly a year

[BEIJING] China's new home prices rose 0.5 per cent month-on-month in August, less than July's growth of 0.6 per cent and was the slowest increase since February, Reuters calculated from official National Bureau of Statistics (NBS) data on Tuesday.

However, it still marked the 52nd straight month of gains.

On a year-on-year basis, average new home prices in China's 70 major cities rose 8.8 per cent in August, compared with a 9.7 per cent gain in July and the slowest since October 2018.

A slew of government curbs and a broader slowdown in the economy have weighed on the property market.

Beijing has stepped up its scrutiny of property developers' financing channels while some local governments have also raised the bar for purchases to prevent speculation.

REUTERS