Home prices rise in China
Housing prices in 70 major cities of China have increased on average by 9.2% in August in annual terms having accelerated the rates comparing with growth in July by 7.9%, reports China’s National Bureau of Statistics (NBS). Chinese authorities have expressed concern about the growth of debt in a crowded real estate market. The Chief Economist of the Central Bank called on to reduce the capital infusion in the property. Official data showed that mortgage loans remain the main growth driver of loan burden for population. In August, more than 70% of bank loans accounted for mortgage.