Arab Today, arab today home prices fall for second consecutive month in october
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Home prices fall for second consecutive month in October

Arab Today, arab today

Arab Today, arab today Home prices fall for second consecutive month in October

Beijing - Xinhua

Home prices in China fell in October for a second consecutive month due to the nation\'s tightening measures intended to cool the overheated property market, a research institute said Tuesday. The China Index Academy, a Beijing-based company that studies China\'s property market, said in a report that average home prices in the country\'s 100 major cities dropped by 0.23 percent last month from September to reach 8,856 yuan (1,396.85 U.S. dollars) per square meter. A total of 58 cities posted month-on-month declines in home prices last month, while two cities reported their prices unchanged from September, the academy said. Home prices in 11 cities dropped by more than 1 percent in October, up from 10 cities a month earlier. Premier Wen Jiabao said Saturday the government will continue to maintain its control over the real-estate market while seeking to fine tune other economic policies. The country has adopted a slew of measures to curb excessive increases in housing prices, including imposing home purchase restrictions in approximately 40 cities and increasing down-payment requirements. The academy said some developers, including China Vanke Co., the country\'s biggest developer, have started lowering prices for their housing projects in first- and second-tier cities in order to buoy sales volumes and ease financial stress. Prices for some property projects fell by over 20 percent in October, according to the report.

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