Real Estate

China September home prices rise 9.1% year-on-year

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Average new home prices in China's 70 major cities in September rose 9.1 percent from a year earlier, according to Reuters calculations based on official data published on Tuesday, marking the ninth straight month of year-on-year increases.

In month-on-month terms, prices rose 0.7 percent in September, easing from August's gains of 0.8 percent.

The National Bureau of Statistics said new home prices in Beijing rose 16 percent in September from a year earlier, compared with August's year-on-year increase of 14.9 percent.

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Blame rising home prices on China's 2-tier market
Blame rising home prices on China's 2-tier market

Shanghai prices were up 17 percent in September from a year ago, versus 15.4 percent annual growth in August.

The rises in both cities were the strongest since the data series began in 2011.

China still faces record home prices despite government measures to calm the market, in large part due to a strong view that property remains one of the best investment options.

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Reuters started its weighted China home price index in January 2011 when the NBS stopped providing nationwide data, only giving home price changes in each of 70 major cities.