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China Housing October 2020

China: Growth in house prices decelerates further in October

House prices in 70 large- and medium-sized cities increased 0.2% in October in month-on-month terms according to a weighted average index calculated by Refinitiv from data issued by the National Bureau of Statistics (NBS). The print was below the 0.4% rise in September and the weakest result in seven months. According to the NBS, the sale price of newly constructed residential buildings increased in 45 of the 70 cities (55 in September).

House prices increased 4.3% annually in October, below the 4.6% rise in September. Annual average growth in house prices fell from 5.7% in September to 5.4% in October.

Putting October’s reading in context, Ting Lu, Lisheng Wang and Jing Wang, economists at Nomura, noted:

“The recent moderation in property price inflation suggests the effects of Beijing’s tightening measures were felt more by property markets. We expect Beijing to maintain its hawkish stance on property sector regulation to curb property bubble and financial risks but avoid a hard-landing of the sector given its importance to China’s economy.”

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