BEIJING, Nov 2 (Reuters) – Chinese household cost progress quickened in Oct, driven by much better boosts in even bigger cities, in the eighth thirty day period of gains considering the fact that February’s contraction due to the coronavirus pandemic, a private survey confirmed.

New residence price ranges in 100 towns rose .4% in Oct from a month before, accelerating a bit from September’s .24% expansion, regular monthly info from China Index Academy (CIA), amongst China’s most significant impartial serious estate investigation companies, shows.

This is broadly in line with the formal cost pattern introduced by China’s Nationwide Bureau of Figures, which publishes its facts for 70 cities around the center of every month.

Home costs in so-called tier-1 towns like Beijing and Shanghai rose .53% in October compared to a .05% fall in September, the CIA facts released on Sunday showed, when costs in lesser tier-2 and 3 towns acquired .34% and .33%, respectively.

“The month-on-month progress for Oct was however gentle, and primarily owing to bigger price tag gains in tier-1 metropolitan areas, the place several substantial-stop assignments were being rolled out previous thirty day period,” Ma Chen, senior analyst with CIA, explained.

Much less towns documented regular monthly gains, nevertheless, with the selection slipping to 73 from 76 in September, and 26 towns observed decrease household rates, in contrast with 22 in the previous thirty day period, the CIA facts shows.

On an once-a-year basis, new residence selling prices rose 3.52% in October, versus September’s 3.26% acquire.

Policymakers have taken a harder stance in the second half, with regulators increasing scrutiny on financing routines of builders and buyers to avert rampant growth of leverage.

Land income by volume grew 4% in the 1st 10 months, unchanged from January-September, individual CIA info confirmed. (Reporting by Lusha Zhang and Ryan Woo Enhancing by Alexander Smith)