The price of new homes in China’s top 10 cities outgrew that of second-hand flats for the first time during the third quarter, China News Service reported Tuesday, citing the China Index Academy. New home prices in these cities were up 12.51 percent in the nine months to September, 2.3 percentage points lower than the increase in second-hand home prices. In the third quarter alone, the price of a new home went up by 4.62 percent, topping that of second-hand flats. Home prices in first-tier cities such as Beijing, Shenzhen and Guangzhou have risen more 20 percent this year while the average increase in other cities was within 10 percent, the report said.
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