(ShanghaiDaily, Oct 21, 2006) HOUSING prices in 70 major Chinese cities have risen since the beginning of the year, but the pace of the increase has eased off since August.

Prices rose 5.6 percent in the first nine months over the corresponding period of 2005, down 2.4 percentage points, according to a release by the National Bureau of Statistics yesterday.

The slower rise in the third quarter can be attributed to central government's efforts to stabilize housing prices, said the release.

Investment in real estate, a sector the government has been trying to cool, totaled 1.29 trillion yuan (US$161.3 billion) in the first nine months, up 24.3 percent year on year.

Overall, macroeconomic control policies are working, but housing prices in some cities are still surging, according to a recent meeting of the State Council, China's Cabinet, which called for further efforts to regulate real estate markets in order to make houses affordable for low-income families.
source:ShanghaiDaily