Sep. 18, 2012 (China Knowledge) - China's National Bureau of Statistics
announced today that prices of new residential properties in 20 out of 70 Chinese major cities dropped in August.
14 out of 70 Chinese major cities saw the prices of new residential properties nearly unchanged last month, and prices in the remaining 36 cities increased sequentially with growth not exceeding 0.6%.
On YoY basis, 53 of the 70 Chinese major cities saw price decline in new residential properties last month, and 14 cities booked increases of not more than 1.3%.
In China's resale residential property market, 16 out of 70 Chinese major cities suffered a MoM price declines in August, while 38 cities saw the price increases of not more than 0.9%.
On YoY basis, 59 of the 70 Chinese major cities had price decreases in resale residential properties in August. Only one city saw prices almost unchanged and 10 cities saw growth in prices of not more than 3.1%.