(Yicai Global) Oct. 20 -- Residential property prices in China grew at a slower pace in September than in August as developers battle with tight liquidity and real estate curbs suppress demand, the National Bureau of Statistics said today.

The price of a new home in the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen climbed 5.3 percent last month from a year earlier, a slowdown of 0.4 percentage point from August, while the price of a pre-owned house gained 7.7 percent, 1.4 percentage point less than the previous month, the NBS said.

Price gains in 31 second-tier cities including Hangzhou and Nanjing were 4.1 percent for new homes and 3 percent for pre-owned ones. This was 0.3 percentage point and 0.2 percentage point slower than in August. In 35 third-tier cities, prices increased at a rate 0.5 percentage point less at 2.3 percent and 1.4 percent respectively.

Market participants are becoming more rational and the real estate market is expected to develop into a multi-agent supply and multi-channel guarantee housing system that encourages both renting and purchasing, NBS spokesperson Fu Linghui said.

The cost of a new home in Beijing last month was basically the same as in August, but prices fell 0.1 percent in Guangzhou and gained 0.2 percent in Shanghai and Shenzhen. Pre-owned house prices fell 0.2 percent month on month in Beijing, 0.6 percent in Shanghai, 0.4 percent in Guangzhou and 0.5 percent in Shenzhen. Prices of both new and second-hand homes in second- and third-tier cities stayed around the same or declined.

Investment in the first nine months, though, has increased. Investment in residential property was up 10.9 percent from January to September year on year to CNY8.5 trillion (USD1.3 trillion), and the floor area increased 11.3 percent to 1.3 billion square meters, the NBS said. Overall investment in real estate came to CNY11.3 trillion (USD1.8 trillion), a year-on-year increase of 8.8 percent.

Editor: Kim Taylor