China Home Prices Keep Surging: November Report

on December 17 2013 9:45 PM

BEIJING (Reuters) -- Average new home prices in China's 70 major cities rose 9.9 percent in November from a year earlier, a fresh record growth rate, according to Reuters calculations based on official data published Wednesday morning.

In month-on-month terms, prices rose 0.5 percent in November, slowing from October's rise of 0.6 percent.

The National Bureau of Statistics said new home prices in Beijing rose 16.3 percent in November from a year earlier, compared with October's year-on-year increase of 16.4 percent. Shanghai prices were up 18.2 percent in November from a year ago, versus 17.8 percent annual growth in October.

The country still faces record home prices despite government measures to calm the market, in large part due to a strong view that property remains one of the best investment options and also to local government land sales for much-needed revenues.

Reuters started its weighted China home price index in January 2011 when the NBS stopped providing nationwide data, only giving home price changes in each of 70 major cities. 

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