Property price growth slows in September

Property prices in China’s cities rose at a slower rate year-on-year in September, likely as a result of government restrictions on speculators, Bloomberg reported, citing China Information News. While housing prices in 70 of China’s largest cities rose by 0.5% from August levels, they rose just 9.1% year-on-year in September, down slightly from the 9.3% increase in August. The slowdown is probably the result of recent government policies, including higher down payments, restrictions on lending for third home buyers, and an expansion of property tax trials. Property price growth has moderated since hitting a peak in April, after which tentative government restrictions set in. State media has reported that property sales fell dramatically during the National Day holiday from October 1 to 7.