China needs to apply more differentiated property policy
China definitely requires applying more differentiated property policy built around on local conditions because home prices keep rising in some cities. It was reported by the official Xinhua news agency in a commentary on Tuesday. Worries surge that the market might be overheating in some areas.
In August, in China’s 70 key cities average new home prices edged up 9.2% from a year earlier, accelerating from a 7.9% soar in July, an official poll showed on Monday.
The pace of price rises speeded up for the first time for four months, probably because buyers piled into the market ahead of expected measures in order to clamp down on speculation and also curb steeply rising prices.
Local governments need to take the responsibility for regulating price differences provoked by geographical as well as individual factors. Furthermore, financial analysts say that some second-tier cities as well as their neighboring areas need to roll out cooling measures.