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Chinese property price growth slows further
Country: China
20 June 2008
Average property prices in 70 major Chinese cities appreciated by 9.2% year-on-year in May, compared with 10.1% growth in April, according to the latest National Development and Reform Commission (NDRC).
The central government’s economic planning agency said the prices of new residential properties rose 10.2% year-on-year in May, down 0.6 percentage point from April’s growth rate.
The greatest property price growth last month was recorded in Urumqi, Haikou, Ningbo, Beijing and Hangzhou with growth rates of 22.8%, 17.6%, 16.6%, 15.7% and 15.2%, respectively.
China has increased its spending on the construction of new homes as the country rebuilds itself following a series of recent natural disasters. China’s reconstruction spending will exceed £38bn over the next three years, according to Deutsche Bank AG.
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