Chinese second-tier city prices keep rising in August
In August, China's home prices tacked on at a faster pace, thus suggesting that tightening measures launched by a surging number of cities on overheated markets have yet to display considerable effects.
A robust recovery in sales and home prices, due to a flurry of government stimulus measures, ensured a stronger-than-expected boost to the world's number two economy this year, though eye-popping home price surges in bigger cities have powered fears of overheating.
Average new home prices in 70 major cities edged up 9.2% the previous month from a year ago, accelerating from July's 7.9% ascend, according to Reuters calculations built around on data from the National Statistics Bureau.
The NBS data demonstrated 64 of 70 key cities tracked by the NBS disclosed year-on-year price revenues, up from 51 in July.
In second- and third-tier cities prices are climbing up at an alarmingly steep rate, while speculation was soaring that more cities would get to more stringent controls in order to discourage overeating.