Home prices in major Chinese cities largely remained stable in November as local governments toughened up control of the housing market, official data showed on Saturday.
On a month-on-month basis, new house prices in the country’s four first-tier cities—Beijing, Shanghai, Shenzhen and Guangzhou—gained 0.3 per cent last month, the NBS said in a statement.
Meanwhile, resold house prices in the four cities edged down at a faster pace, from 0.2 per cent in October to 0.4 per cent in November, according to the National Bureau of Statistics (NBS).
From January to November, average new home prices rose just 0.3 per cent year on year in the four first-tier cities, compared with an 10.9-per cent growth during the same period last year.
The NBS monitors the house prices in 70 large Chinese cities, including 31 second-tier and 35 third-tier cities. Growth of house prices in the second-tier cities were flat with October, while that of third-tier cities declined, reports Xinhua.
In the first 11 months, new home price growth in second-tier and third-tier cities came in at 7.2 per cent and 7.6 per cent, respectively, slowing from last year.
Among the 70 cities monitored by the NBS, new house prices only fell in two cities in annual terms last month, including Xiamen in Fujian Province and Shenzhen in Guangdong Province.