China to replace property index

SHANGHAI: China has said it will stop publishing its much-watched national property price index a lightning rod for public anger over soaring housing costs and replace it with two new property indexes.

The National Bureau of Statistics said it was compiling two new indexes to gauge new and second-hand home sales starting with January figures and was halting the release of its survey of average home prices in 70 major cities.

It said the first data under the new system would be released today.

By AFP