Housing prices continue to rise in China

Housing prices continue to rise in ChinaAccording to the latest official data released, the housing prices in Chinese cities continued to rise during the month of August.

The data showed that out of the 70 major Chinese cities, 66 cities recorded a rise in prices of new as well as existing houses on the monthly basis. The figure of 66 is higher than 62 cities recorded in July, according to the data from the National Bureau of Statistics (NBS) that was released on Wednesday. The report also showed that 58 cities reported month-on-month price increases in existing and second-hand homes in August compared to 57 in July.

The prices of new houses rose in 69 cities during August compared to the same month of the previous year while 68 cities recorded an increase prices of existing homes in August compared to the same month of 2012. The increase was higher in first-tier cities was much higher than that in the second- and third-tier cities.

The prices of new homes in Beijing, Shanghai, Guangzhou and Shenzhen rose by 18 to 20 per cent from the same month of the previous year while that in 35 third-tier cities rose by around 6 per cent on an average. The report included China's largest cities and provincial capitals, and other cities.