Property Prices in 100 Cities Lower in October
Property prices in 100 major cities have fallen 0.23 percent in October, the biggest decline this year after a 0.03 percent slide in September. A survey of property developers and real estate offices reported that the average price of a home in October was lower.
The survey showed that in September the price for a square meter was around 8,877 yuan and 8,880 yuan in August. The survey also showed that several companies together with SouFun Holdings were the ones that compiled the survey that is closely watched ever since the national property prices index was scrapped by China.
The survey also showed that property prices in 58 cities fell in October while 40 cities showed growth. Compared earlier the average prices for new properties climbed slowly only 5.21 percent compared to the increase of 6.15 percent in September.
In an effort to make homes more affordable and stop potential social instability a series of measures were implemented by China to curb property speculation, higher interest rates and limits on home purchases.