Chinese cities see slower housing price growth in September

BEIJING - Home prices in 100 Chinese cities continued to increase in September, but at a slower pace, as the country maintained tight regulations to curb speculation in the property market.

Average new home prices rose 3.56 percent year-on-year in September, with the pace of increase decelerating 0.12 percentage points from August, according to a survey released by the China Index Academy, a property research institution.

On a month-on-month basis, the average new home price edged up 0.31 percent, down from a 0.37-percent increase in August.

Of the 100 surveyed cities, 64 saw a month-on-month growth in new home prices while 36 reported falling or unchanged prices.

Fifteen cities saw the new home prices rise more than 1 percent in September from a month earlier, two less than that recorded in August.

Only one city saw its month-on-month decline exceed 1 percent.

In terms of floor areas, new home sales rose 0.34 percent month-on-month and 2.58 percent year-on-year in September, according to the academy.

The academy predicted that the property market would see steady development and low-frequency fluctuations.

The Chinese government has repeatedly stated that "housing is for living in, not speculation" and vowed continued efforts to ensure the healthy development of the property market.