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Property prices up 7% in July

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-08-13 16:19

Property prices in China's 70 large and medium-sized cities rose 7 percent year-on-year in July, down 1.2 percentage points from the growth rate of 8.2 percent in June, said the National Development and Reform Commission (NDRC) and the National Bureau of Statistics on Tuesday.

According to a statement published on the NDRC's website, newly-built residential property prices rose 7.9 percent in July, down 1.3 percentage points from the growth rate in June.

Economical housing prices saw a growth rate of 2.7 percent year-on-year, or 0.1 percent month-on-month in July, and ordinary commercial housing prices grew 8.3 percent year-on-year, or 0.2 percent month-on-month, while luxury commercial housing prices rose 9.7 percent year-on-year, but declined 0.2 percent month-on-month.

The five cities that posted the highest year-on-year growth rates in new property during July are Haikou, Urumqi, Ningbo, Beijing and Bangbu with growth rates of 16.7 percent, 15.8 percent, 13.3 percent, 13 percent and 12.6 percent respectively.

The cities where new property price growth exceeded 1 percent month-on-month last month are Dandong, Yinchuan, Wenzhou and Mudanjiang. New property in 17 cities, including Dali, Changde, Shijiazhuang and Haikou experienced price drops on a monthly basis.

Second-hand property prices rose 6 percent year-on-year in July, dropping 1.5 percentage points since June. Cities with higher year-on-year growth rates included Yinchuan with 14.3 percent, Urumqi with 13.9 percent, Taiyuan with 12.4 percent, Sanya with 12.2 percent and Lanzhou with 12 percent.

Non-residential housing prices rose 4.9 percent year-on-year in July, down 0.7 percentage points from June prices. Office building prices gained 6.7 percent year-on-year and commercial building prices 4.1 percent year-on-year.