|Beijing property prices surge 22pc
The rate of increase in property prices picked up pace in August as some local governments eased market controls, a survey shows.
The average price of new homes in 100 major cities in China gained 8.61 percent year on year to 10,442 yuan per square metre, according to the independent China Index Academy.
Prices increased 7.94 percent in July, according to the CIA, owned by Soufun Holdings, China's largest real estate website operator.
Month on month, prices were up 0.92 percent, marking the 15th straight month of growth and accelerating from July's 0.87 percent.
The academy said the acceleration came on the back of looser policies in some cities, including Wenzhou in the eastern province of Zhejiang and Wuhu in neighboring Anhui province, which helped release pent-up demand.
“Land prices continued to go up,'' further driving up new home prices, it added.
Beijing led the rise in average new home cost among the 10 biggest Chinese cities in August. Prices in the capital surged 22.49 percent year on year and 3.22 percent month on month to 29,395 yuan per square meter, the CIA data showed.
In Shanghai, it was 28,979 yuan per square metre, up 1.07 percent from July and 7.71 percent higher from a year ago.—AFP