House prices drop in major Chinese cities in August
BEIJING, September 16, 2022 (Xinhua) – House prices in 70 large and medium-sized cities in China fell last August as more cities experienced a drop in house prices, according to data released by the National Authority. statistics.
The authority added that 50 of China’s 70 cities experienced a monthly drop in the prices of newly sold homes, compared to 40 cities in July. A total of 56 cities saw resale home prices drop, compared to 51 cities last month.
According to the data, new home prices in 4 tier one cities: Beijing, Shanghai, Shenzhen and Guangzhou rose 0.1% month-on-month in August, down 0.2 percentage points from the previous month.
New home prices in 31 tier two cities fell 0.2% monthly, while 35 tier three cities fell 0.4% monthly, 0.1 percentage points higher than in July.
Resale home prices in 4 Tier 1 cities remained flat on a monthly basis in August. According to the data, second and third tier cities have seen resale home prices drop by 0.3% and 0.5% on a monthly basis, respectively.
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