[photopress:real_estate_property_prices.jpg,full,alignright]The National Bureau of Statistics has announced China’s property prices rose 8.2% year-on-year in the third quarter.
The bureau said the increase for the first nine months was 6.7% year on year which suggests an accelerating pace. However, other evidence suggests that the next quarter may well show a different trend.
The figures in this third quarter increase were based on prices in 70 major cities around the country.
Prices in the southern city of Shenzhen were up 15.7% year on year in the first nine months while prices in Beijing were up 10.1%. In the southern city of Beihai, prices were up 12.1%.
Resale prices were up 6.6% in the first nine months and up 7.6% in the third quarter.
Bureau spokesman Li Xiaochao told a news conference that housing was in short supply, while construction costs were rising. And that expectations of higher prices were also contributing to the rise in actual prices.