According to the National Development and Reform Commission (NDRC) and the National Bureau of Statistics prices of real estate in 70 major Chinese cities rose 7.0% in July compared to the same month last year.
This is 1.2 percentage points lower than the June level which means the growth rate — not the overall price — had slowed down for six consecutive months.
Haikou, Urumqi, Ningbo and Beijing took the lead in price rises.
Prices of second-hand houses gained 6.0% year on year, 1.5 percentage points lower than June.
New housing for non-residential use was priced 4.9% higher than last July, with prices of office buildings up 6.7% and those of commercial real estate up 4.1%.
In other words the cost of real estate is still going up at what would be considered elsewhere as a catastrophic rate, but not as fast as it has in the past.
Source: China View
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