The cost of new housing in China rose at the slowest pace on more than a year in August as official metrics showed price growth in top-tier cities experiencing a marked deceleration.
The cost of new housing in 70 major cities grew 8.3 per cent in August, according to a weighted average from Reuters based on data from China’s National Bureau of Statistics.
The reading marked the ninth straight month of deceleration from a peak of 12.6 per cent in November 2016 as well as the slowest rate of growth since July of that year.
In year-on-year terms prices rose in all but two of the 70 cities surveyed last month, with only Shenzhen and Chengdu marking contraction of 1.9 per cent and 0.3 per cent compared to the previous year. Price growth in Beijing slowed 3.7 percentage points for a rise of 5.2 per cent, while prices in Shanghai rose just 2.8 per cent, slowing 4.5 percentage points from July’s pace.
Prices rose just 0.2 per cent in month-on-month terms, the slowest sequential growth since January.
August also saw month-on-month price falls in 18 cities, double the number that saw prices dip in July. Among the worst hit were Guangzhou (down 0.7 per cent) and Shenzhen and Chengdu (both down 0.4 per cent). Six cities including Beijing and Shanghai saw no price change from a month prior.