BEIJING (Reuters) – New home prices in China grew at their slowest pace in over 4-1/2 years as tightening measures in some big cities helped cool the property market despite a broader economic recovery.
New home prices in China also grew at a slightly slower monthly pace in September, official data showed on Tuesday, while the number of cities reporting monthly price increases for new homes fell.
A recovery in China’s property market has provided much-needed support to an economy hard-hit by the coronavirus earlier this year. But policymakers have rolled out new restrictions in recent months on concerns of a potential market bubble.
“The broad tightening of housing policies since July has had an impact on home prices data,” said Zhang Dawei, a Beijing-based analyst with property agency Centaline.
Average new home prices in 70 major cities rose 0.4% in September from a month earlier, compared with a 0.6%