In August this year, the average price of new residential housing in 100 major cities in China increased by 0.5 percent month on month to RMB 15,605/mt ($2,285/mt), 0.07 percentage points higher than the month-on-month increase rate recorded in July, as announced by the China Index Academy, a Beijing-based real estate research institute.
Meanwhile, the average price of new residential housing in 100 major cities in China increased by 3.34 percent year on year in August, up 0.13 percentage points from the year-on-year increase rate recorded in July.
In August, the average price of new residential housing in ten leading Chinese cities, including Beijing and Shanghai, was recorded at RMB 28,151/mt ($4,122/mt), up 0.6 percent month on month, 0.19 percentage points higher than the increase recorded in July, while up 3.78 percent year on year, 0.37 percentage points higher than the year-on-year rise recorded in July this year.
Since the real estate market has been heating up this year, the Chinese government has again stressed that housing is for residential rather than speculative purposes, which will likely help cool down speculation in the real estate market.