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New home prices drop in 74 out of 100 Chinese cities

2014-09-01 17:08 Shanghai Daily Web Editor: Si Huan

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."

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