The cost of new housing in China rose at the slowest rate in 17 months in September as official figures showed price growth slowing markedly in top-tier cities, with prices in Beijing up just half a per cent from a year prior and those in Shanghai falling into slight contraction.
The average cost of new housing in 70 major cities grew 6.3 per cent in September, according to a weighted average from Reuters based on official data from China’s National Bureau of Statistics.
The reading marked the tenth straight month of deceleration from a peak of 12.6 per cent in November 2016 as well as the slowest rate of growth since April of that year.
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