Shanghai - China’s overheated property market is showing tentative signs of cooling, as authorities stepped up home-buying curbs to avert a housing bubble.
New-home prices, excluding government-subsidized housing, gained last month in 63 of the 70 cities the government tracks, down from 64 in August, the National Bureau of Statistics said Friday. Prices dropped in six cities, compared with four a month earlier. They were unchanged in one.
The real estate market “apparently cooled” in October on targeted measures rolled out in first-tier and some second-tier cities, the statistics bureau said in a statement. New-home prices in Shenzhen, the nation’s hottest property market earlier in the year, fell 0.3 percent in the first half of October from a month earlier, the bureau said. Prices in some other cities declined between 1 percent and 3.8 percent, it said.