New home prices rose in 69 of 70 major Chinese cities in August from the previous year, official data showed on Wednesday, the same showing as in July, backing the case for more cooling measures from the government.
New home prices in Beijing rose 14.9 percent on year in August, compared with 14.1 percent in July, while prices in Shanghai climbed an annual 15.4 percent for August versus 13.7 percent in July, according to the National Bureau of Statistics.
On average, new home prices across the country rose 8.3 percent on year in August, according to calculations by Reuters based on the data, higher than July’s 7.5 percent annual increase and marking an eighth straight month of gains.
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