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Property Price in Major Chinese Cities Rises Slower

China saw average properties price in 70 major cities up 3.5 percent year-on-year but down 0.1 percent month-on-month in September, according to data released on Wednesday by National Development and Reform Commission and National Bureau of Statistics.

The year-on-year increase rate was 1.8 percentage points lower than the August level.

Last month, housing for low-income earners in the major cities was priced 1.3 percent higher than the same month of last year, or 0.1 percent higher than August. Prices of common commercial housing and luxury housing went up 3.9 percent and 5.5 percent, respectively, over the year-earlier level. But the prices were 0.4 percent and 0.3 percent, respectively, lower than August level.

New housing was priced 3.9 percent higher year-on-year, but 0.3 percent lower month-on-month. The rise rate was 2.3 percentage points slower.

In the second quarter, average properties price in the 70 cities gained 9.2 percent on the same period of last year, as against the 11-percent rate for the first quarter.

(Xinhua News Agency October 22, 2008)

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