In September this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities increased by 4.6 percent year on year, while rising by 0.4 percent month on month, as announced by China's National Bureau of Statistics (NBS). Meanwhile, in second-tier cities the year-on-year growth rate of new house prices in the given month was 9.3 percent, 0.6 percentage points lower compared to the year-on-year growth rate in August, while up 0.6 percent month on month, 0.1 percentage point higher than in August.
In China’s first-tier cities, prices of second-hand house prices in September saw a year-on-year rise of 0.1 percent, shifting to year-on-year rise again following the first year-on-year drop recorded in August since June last year. In second-tier cities, the year-on-year growth rate of second-hand house prices in September was 4.7 percent, 0.8 percentage points lower compared to the year-on-year growth rate recorded in August.
China’s cooling policy to control speculation in real estate market has become effective, especially in second-tier and third-tier cities as their growth in new house prices and second-hand house prices has slowed down in September, though the increase in house prices in first-tier cities is still larger as houses there are more attractive for buyers.