BEIJING Dec 3 China's home prices edged up for
a sixth straight month in November, a private survey showed,
reinforcing signs of a gentle recovery in the property market as
the government seeks to bolster economic growth.
The average home price in China's 100 biggest cities rose
0.3 percent in November from October to 8,791 yuan ($1,400) per
square metre, accelerating from October's 0.2 increase, the
China Real Estate Index System (CREIS) said on Monday.
Rising home prices could reignite official concerns about
property inflation and trigger fresh property curbs. Analysts
attribute home price rises to a series of government measures
enacted in recent months to support the economy.
The increase in property prices coincides with signs of a
broadening economic recovery, as two purchasing managers'
index(PMI) surveys showed the pace of growth in the
manufacturing sector quickening.
"The property market has shown an obvious trend of
recovering in November," said CREIS, a consultant affiliated to
Soufun Holdings, China's largest online realtor.
Property sales rebounded most cities in November while
developers' unsold inventory shrunk, CREIS added.
In the 10 biggest cities, including Beijing and Shanghai,
average home prices rose 0.4 percent from October and were up
0.2 percent from a year ago, the first year-on-year increase so
far this year, the survey showed.
Home prices rose month-on-month in 60 cities monitored by
CREIS in November, up from 56 in October.
Compared to year ago, however, average home prices in
China's 100 largest cities are still down 0.5 percent in
November in the eighth month of annual decline. Prices also fell
in 62 of the 100 cities in November on a year-on-year basis.
CREIS only began calculating annual changes in Chinese
property prices in June 2011.
The Chinese government is due to publish November home
prices in 70 major Chinese cities on December 18. Home prices in
these cities rose 0.05 percent in October from September,
extending a modest increase into a third straight month.