New home prices in major Chinese cities continued to rise in November, signalling a warming real estate market following government pro-growth measures, data released by the China Index Academy showed Monday.
The average new home price in 100 major Chinese cities reached 8,791 yuan (1,397 U.S. dollars) per square meter in November, up 0.26 percent from October, the private housing research institution said in a report.
The growth rate, up from 0.17 percent in October, marked the sixth consecutive month of month-on-month recovery, the report said.
On a more precise basis, new home prices rose in 60 cities, declined in 38 and remained unchanged in two from October, said the report.
The median price for new homes in the 100 major cities, which is believed to be more accurate in measuring the market, added 0.85 percent to 5,900 yuan per square meter in November from October.
On a year-on-year basis, new home prices in the 100 major cities fell 0.46 percent in November, marking the eighth consecutive month of decline. But the decrease was smaller than the 1-percent drop recorded in October.
New home prices in ten first-tier cities such as Beijing and Shanghai climbed 0.39 percent to 15,686 yuan per square meter in November from October, and rose for the first time in the year on a year-on-year basis, up by 0.15 percent from the same period of last year, the report said.
The pick-up in the real estate market came after the country’s central bank twice cut interest rates and the amount of cash that banks are asked to set aside as reserves earlier this year to buoy the slowing economy.
The Chinese government has repeatedly reiterated its firm stance on property market control and vowed to keep in place measures such as bans on third-home purchases and property tax trials introduced since 2010.