Meltdown rumor rises amid heated property market

(ECNS) – A rumor of a property market meltdown has spread online as new home prices in China's 10 biggest cities have been rising for 11 consecutive months, according to the Information Times.

Numerous cities will see a real estate crash, according to the rumor, which also warned citizens to sell their houses.

As September and October are regarded as the traditional high season for residential sales, new home prices in the 10 biggest cities rose 13.87 percent year-on-year to 18,179 yuan per square meter in September, according to the latest report from the China Index Academy.

The newspaper also said mortgage tightening by banks has had an impact on home buyers, citing a poll targeting Huizhou citizens. 28.57 percent of that poll's respondents said they will delay their buying plans, a 4 percent increase compared to a poll done in July.

However, Xie Guozhong, an independent economist, said home prices are actually going down, and that the market is likely to witness a change in the next six months.