(BEIJING) It rose 2% in August from a year earlier, and double the gain in July, says report
China’s house prices in the nation’s 70 biggest cities rose at the fastest pace in 11 months on record lending and climbing confidence.
House prices increased 2 per cent in August from a year earlier, double the gain in July, according to a National Bureau of Statistics report on its website yesterday. Sales and investment in property development accelerated in the first eight months of the year from the seven months through July, the bureau said.
In fact, just yesterday, China Overseas Land & Investment agreed to pay seven billion yuan (S$1.46 billion) for a plot of land in Shanghai in the country’s biggest land transaction this year, underscoring developers’ optimism toward China’s property market.
China Overseas outbid rivals including Greentown China Holdings Ltd during an auction for the 312,600-square-metre parcel of land, which will be used for residential development. Continue reading
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