China reported yet another aggressive growth rate in its home prices last month. According to the National Bureau of Statistics, the average prices of new homes in China's 70 major cities increased by 9.2 percent in August from the corresponding period last year. On a month-on-month basis, the index showed 1.5 percent growth.

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The report also showed an increase in home prices in Tier 1 cities. Compared to a year ago, home prices in Shanghai grew by 31.2 percent, while Shenzhen recorded a 36.8 percent increase. Second tier cities such as Nanjing experienced a 36.7 percent increase in home prices. Southern coastal cities such as Xiamen recorded a 43.8 percent increase in home prices.

According to Barrons, China is looking to rein in its red-hot property market. A chief economist at the People's Bank of China recently called on authorities to control the excessive financing flowing into the real estate sector. At the same time, China's central bank is not looking to relax its monetary conditions.

Reuters reported that 64 out of the total of 70 cities tracked showed an increase on a year-over-year basis. In the month of July, only 51 cities had reported an increase. Overall, Shenzhen topped the list again. The ciy has been showing the highest growth in home prices since April 2015.

The increase in home prices continues despite various measures undertaken by Chinese authorities. Shenzhen and Shanghai recently tightened their down payment requirements. Housing authorities from the eastern city of Hangzhou also announced that they would begin restricting home purchases.

According to official data, mortgage loans constituted 70 percent of the total loans in August. 

TagsNational Bureau of Statistics, people's bank of china, Shenzhen