Property prices fall in Chinese cities in July

August 18th, 2011 - 3:01 pm ICT by IANS  

Beijing, Aug 18 (IANS) More cities reported lower or unchanged property prices in July as compared to June, amid renewed government efforts to cool the market, authorities said.

In July, some 31 cities out of the statistical pool of 70 major cities saw new home prices decline or remain unchanged from a month earlier, compared with 26 cities in June, according to the National Bureau of Statistics (NBS).

Fourteen cities saw month-on-month declines in new home prices in July, up from 12 in June. Meanwhile, prices in 17 cities, including Beijing and Hangzhou, remained unchanged, according to the NBS, reported Xinhua.

As for resold housing units, 22 cities reported second-hand home prices decline month-on-month in July. Second-hand home prices stayed unchanged in 12 major cities in July from June, according to the NBS.

In the latest effort to curb property prices, the government has started to prepare home purchase restrictions in the country’s second and third-tier cities to prevent prices from further increases.

The Ministry of Housing and Urban-Rural Development Wednesday provided five standards that will decide whether to impose restrictions on smaller cities, including rapid growth in price or transaction volume in the first half.

The government has previously restricted residents in major cities from buying second or third homes. Home buyers were also required higher down payments for mortgages, and property taxes have been levied in the cities of Chongqing and Shanghai.

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