China’s home prices remain stable in November

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BEIJING, Dec. 16 (Xinhua) — Home prices in 70 major Chinese cities remained generally stable in November, official data showed Monday.

New home prices in four first-tier cities — Beijing, Shanghai, Shenzhen and Guangzhou — increased 0.6 percent month on month in November, 0.5 percentage points faster than the previous month, the National Bureau of Statistics said.

In 31 second-tier cities, new home prices rose 0.2 percent in November from October, 0.3 percentage points lower than the previous month.

New home prices rose 0.5 percent in 35 third-tier cities in November from October and the growth pace was 0.1 percentage points lower than the previous month.

Prices of resold housing in first-tier cities rose 0.2 percent in November month on month, 0.1 percentage points higher than the previous month.

Prices of resold housing in second-tier cities reported a rise of 0.1 percent, the same as that of the previous month.

Resold home prices were up 0.3 percent month on month in third-tier cities, and the growth pace was 0.2 percentage points lower than the previous month.

Kong Peng, chief statistician with the NBS, said the real estate market maintained the steady trend in November as local governments have reiterated that “housing is for living in, not for speculation,” along with implementation of a long-term management mechanism for the market.

In the first 11 months of the year, investment in property development grew 10.2 percent year on year, down from 10.3 percent for the first 10 months, the NBS said Monday.

The data also showed that commercial housing sales in terms of floor area totaled 1.49 billion square meters from January to November, up 0.2 percent year on year.

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