(NBS) China’s new annual home prices grew at the slowest pace in August since January, following tighter regulations. Property investment grew the slowest in 18 months.
The average new home prices grew by 0.2% in 70 large cities in August, a drop compared to 0.3% growth in July.
The country’s new home prices increased by 4.2% year-over-year in August compared to an increase of 4.6% year-over-year in July.
Property investments grew 0.3% year-over-year in August, in contrast to an increase of 1.4% year-over-year in July. The growth is the slowest in 18 months.
Home prices in Guangzhou dropped from the prior month for the first time since March last year. 46 out of 70 cities posted a gain compared to 51 cities in July.
Analysts expect the prices to slow down in the future, as Moody’s downgraded China’s property sector outlook, citing poor credit access.
CSI 300 is down -1.01%, USDCNY is down -0.06%.
