China home-price growth cools further

May 02, 2014 08:26
Home prices in Chinese cites continued to rise in April but at a slower pace. Photo: Bloomberg

Home-price growth in Chinese cities cooled for the fourth straight month in April although the average price was up for the 23rd straight month, the Shanghai Daily reported Friday, citing data from the China Index Academy.

The average price of new homes in 100 cities was up 0.1 percent from a month earlier to 11,013 yuan (US$1,776) per square meter, slowing from the 0.38 percent growth pace in March, 0.54 percent in February and a 0.63 percent in January, according to the report.

"The growth in home prices, both monthly and annually, has narrowed for the fourth straight month in April, with the number of cities registering price increases falling notably," the academy was quoted as saying in a report.

In the 10 largest cities, the average price of a new home rose 0.39 percent to 19,640 yuan per square meter last month, down from a 0.67 percent rise in March.

Of the 10 cities, Nanjing saw the biggest monthly price rise of 0.7 percent and overtook Shanghai which was second with a monthly gain of 0.58 percent. Beijing followed next with a 0.52 percent monthly rise, the report said.

On a year-on-year basis, the average price of new homes in the 100 cities was up 9.06 percent in April, rising for the 17th straight month.

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