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Home Prices Fall for Second Consecutive Month in October
Nov 2,2011 08:55CST
industry news
Source:SMM
Home prices in China fell in October for a second consecutive month due to the nation's tightening measures intended to cool the overheated property market.

BEIJING, Nov. 1 (Xinhua) -- Home prices in China fell in October for a second consecutive month due to the nation's tightening measures intended to cool the overheated property market, a research institute said Tuesday.

The China Index Academy, a Beijing-based company that studies China's property market, said in a report that average home prices in the country's 100 major cities dropped by 0.23 percent last month from September to reach 8,856 yuan (1,396.85 U.S. dollars) per square meter.

A total of 58 cities posted month-on-month declines in home prices last month, while two cities reported their prices unchanged from September, the academy said.

Home prices in 11 cities dropped by more than 1 percent in October, up from 10 cities a month earlier.

Premier Wen Jiabao said Saturday the government will continue to maintain its control over the real-estate market while seeking to fine tune other economic policies.

The country has adopted a slew of measures to curb excessive increases in housing prices, including imposing home purchase restrictions in approximately 40 cities and increasing down-payment requirements.

The academy said some developers, including China Vanke Co., the country's biggest developer, have started lowering prices for their housing projects in first- and second-tier cities in order to buoy sales volumes and ease financial stress.

Prices for some property projects fell by over 20 percent in October, according to the report.
 

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