The Chinese government has announced that it will be scrapping its much-maligned national property price index
for residential and commercial real estate in the country.
Instead, the National Bureau of Statistics (NSI) has revealed that it will introduce two new indexes for new and second hand home sales starting with figures from January. The first data under the new system was released last week will be published on the 18th of each month.
The national property price index had been criticised for understating the severity of the country's property bubble.
NSI added that it will continue to monitor the performance of the property markets in the 70 big and medium-sized cities using online registration data and local authority statistics.
"Online registration data covers a wider range, is more detailed and easy to access. We will stop reporting the median home prices because they are not representative and can cause misunderstandings," it said in a statement.
- Tuesday 22 February 2011