Monthly property price growth tapers

New residential properties in China traded at 8,738 yuan ($1,378) per sq m on average in August, a 0.24 percent month-on-month increase in the third consecutive month of rising prices, according to Soufun Holdings Ltd on Monday.

Of the 100 cities tracked by China Real Estate Index System, operated by China's online real estate firm Soufun, new-home prices rose in August in 63 cities, 10 of them gaining more than 1 percent from the prior month.

Housing prices in the 10 major cities averaged 15,539 yuan per sq m in August, up 0.45 percent month-on-month but dropping by 1.49 percent year-on-year, the eighth consecutive month of year-on-year declines.

According to Soufun, the month-on-month growth in the 100 cities' average residential price narrowed in August after the State Council sent eight inspection teams to 16 provinces and cities to supervise the implementation of property regulation policies by local governments, the report said.