InvestmentsOct 24 2014

China sees decline in residential property prices

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Chinese property prices declined in 69 of the 70 cities between 0.4 per cent and 1.9 per cent in September, according to figures from the National Bureau of Statistics.

The month-on-month figures showed that just one city in the sample recorded unchanged price levels for residential properties.

Meanwhile the statistics, which cover 70 medium and large sized cities across China, revealed that 58 cities have seen a drop in property prices compared with September 2013, although 10 cities have seen an increase, with the largest increase recorded at 4.9 per cent.

The disappointing property data follows the third quarter GDP figures released earlier this week that showed year-on-year growth in the three months of 7.3 per cent.

While overall growth for the first three quarters of 2014 is estimated at 7.4 per cent, the third quarter figure is the lowest this year, with the government noting the economy had been “faced with complicated conditions at home and abroad”.