Weak momentum extended for the fourth consecutive month in China's residential property market despite at a slower pace, a report released today by China Index Academy showed.
The average price of new homes in 100 cities fell 0.59 percent from July to 10,771 yuan (US$1,737) per square meter in August, the academy said. The price decreased by 0.81 percent in July, 0.5 percent in June and 0.32 percent in May, which was the first month-over-month retreat since June 2012.
"The country's housing market is still undergoing a correction at the moment with most cities registering smaller price drops compared to a month earlier," the academy said. "Meanwhile, the relaxation of home purchase restrictions in some second- and third-tier cities will somewhat help boost short-term sales while the arrival of September and October, which are the traditional high season for property purchase in China, might also lead to some seasonal rebound in transaction."
Shanghai‘s new home sales seen weak
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