Chinese land prices slow further in Q3

Growth in land prices in Chinese cities has slowed in the third quarter of 2014 along with a downturn in the property market.

Quarter-on-quarter growth in a comprehensive price index for 105 surveyed cities stood at 0.78 percent in the third quarter, down 0.58 percentage point from the second quarter, according to a report released on Thursday by the Ministry of Land and Resources.

The report said that prices of land for residential buildings slowed most noticeably compared to land for commercial and industrial purposes.

The moderating land price growth came amid a cooling real estate market in 2014 after years of boom. Government data showed that out of 70 major Chinese cities, new homes in 68 saw month-on-month price declines in August, compared with 64 in July.

September home price data are scheduled to be released on Oct. 24.