China home prices rise 1.4 percent month-on-month in August, highest in two years

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© Reuters. A woman rides past a residential compound in Beijing's Tongzhou district© Reuters. A woman rides past a residential compound in Beijing’s Tongzhou district

BEIJING (Reuters) – China’s new home prices rose 1.4 percent in August from a month earlier, accelerating from July’s increase of 1.1 percent, Reuters calculated from data published on Saturday by the National Bureau of Statistics (NBS).

That marks the fastest price gain since September 2016, and the 40th straight month of price increases, according to Reuters calculations.

On a yearly basis, average new home prices in China’s 70 major cities increased 7 percent, the fastest since August 2017 and quickening from the 5.8 percent gain in July.

China’s property market has been heating up, despite tighter curbs meant to rein in a real estate boom that has spilled over from its megacities to the hinterland.

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