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Property prices too high: survey

Property prices too high: survey

MOST Chinese said property prices are "too high to accept" despite government measures to cool the sector, a central bank survey showed yesterday.

Among Chinese households, 72.2 percent thought property prices are too expensive, up 7 percentage points from one year earlier, according to a third-quarter survey across 50 cities, posted on the website of the People's Bank of China.

Property prices in 70 major Chinese cities rose 9.3 percent year on year in August, the National Bureau of Statistics said.

New home prices rose 11.7 percent from one year earlier in August, while prices of second-hand homes rose 6.2 percent.

The study also indicated that 15.6 percent of respondents want to buy homes during the coming three months, down 1.5 percentage points compared with the same period last year.

Further, 58.3 percent of respondents also said commodity prices are "too high", a drop of 0.6 percentage point from the second quarter. The study showed 73.2 percent expected prices to continue to rise, up 2.9 percentage points from the second quarter.

China's Consumer Price Index, a main gauge of inflation, rose 3.5 percent on an annual basis in August, the highest level in 22 months and the second consecutive month the index has exceeded the government's full-year target of 3 percent.

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