- New-home prices in China increased in 69 out of 70 tracked cities in August, rising 8.3% on year across the country.
- In Guangzhou prices jumped 19%, in Shenzen 18%, and in Shanghai and Beijing 15%.
- Despite fears about a bubble, the government seems unworried by the inflation, noting that on month, prices increased 0.8% vs 1.7% in March.
- "The government is unlikely to take strong action nationwide to curb the property market, as that may damp economic growth,” says JPMorgan's Zhu Haibin. No new nationwide measures have been introduced since China's change of power in March.
- Chinese shares +0.1%.
- ETFs - Stocks: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP, HAO, ECNS. Bonds: DSUM, CHLC. Currency: CNY, CYB, FXCH
China's housing market continues to froth
Sep 18 2013, 02:24 ET