New-home prices rose in all 70 Chinese cities monitored by Beijing during August as developers held off cutting prices, Bloomberg reported. New-home prices in Beijing increased an average 1.9% year-on-year in August, while those in Shanghai rose 2.8%. Nanchang saw the biggest increase, posting a 9.1% gain, with Urumqi following in second place at 8.8%. “Asset prices in China’s second- and third-tier cities are still rising rapidly, as local governments are reluctant to place more strict policies. Especially some western and central cities are facing big pressure to pay out debts, while their main revenue comes from land sales,” said Liu Li-Gang, an economist at ANZ (ANZ.ASX). Premier Wen Jiabao said on September 1 that the country’s property market is at a critical stage, and the government needs make more effort in curbing price rises in less affluent cities.