| Housing prices rise average 6.3% in 70 major cities |
SHANGHAI, Aug. 14 -- HOUSING prices in 70 major cities rose an average of 6.3 percent in the second quarter of this year, led by Shenzhen's 14.3-percent-growth, the National Development and Reform Commission said yesterday.
Beihai City, Guangxi Zhuang Autonomous Region, followed Shenzhen at 12.5 percent and Beijing ranked third at 9.5 percent.
Shanghai's housing price inched up 0.8 percent in the period.
The average price of new residential apartments grew 6.4 percent in the period, 0.4 percentage point faster than the first quarter.
New home prices in Beihai City grew the fastest at 18.1 percent, followed by Shenzhen at 12.5 percent, Beijing at 10.3 percent, Nanjing at 9.8 percent and Shijiazhuang at nine percent. Shanghai rose 0.5 percent, the report said.
Second-hand home prices jumped 6.9 percent in the period nationwide after gaining 5.2 percent in the first quarter. Shenzhen led the growth at 14 percent, followed by Beihai at 12.7 percent.
Last year, credit to developers was tightened, supervision over land use was increased and the enforcement of tax policies was improved to cool down a real estate boom.
However, these moves have not been as effective as the central government would have liked since major cities all reported rapid growth this year.
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