BEIJING Dec 2 China's property inflation eased
slightly in November, two private surveys showed, offering
initial signs that recent measures imposed by some local
authorities could help cool a red-hot real estate sector.
Prices of new homes in 288 major cities in November rose
0.77 percent from the previous month, easing from a monthly rise
of 0.83 percent in October, according to a poll released on
Sunday by E-House China EJ.N, a real estate services firm.
House prices climbed 10.1 percent year on year, also slowing
slightly from October's annual rise of 10.5 percent.
A separate survey by China Real Estate Index System (CREIS)
showed average prices in the 100 biggest cities rose 0.68
percent in November from October, marking the weakest monthly
gain so far this year.
"In terms of property policies, the central government is
shifting away from the one-size-for-all solution and we can see
more and more cities have launched tailor-made measures to curb
home prices," CREIS, a consultancy linked to China's largest
online property information firm Soufun Holdings, said
in a statement.
"These measures help quench bullish sentiment in the
market," the statement said.
Many local governments have recently rolled out measures to
cool fast-rising home prices, such as raising minimum down
payments for second homes and promising to supply more land for
building residential properties.
Such cities include first-tier cities of Beijing, Shanghai
and Shenzhen as well as second-tier cities, such as Nanjing,
Xiamen, Nanchang and Shenyang.
Despite a nearly-four-year campaign to calm a bubbling
property market, ordinary Chinese in most cities are still
facing relentlessly rising home prices that are well beyond
This has been adding to the threat of a price bubble and
social unrest as housing becomes increasingly unaffordable
In China's 10 most expensive cities, including Beijing and
Shanghai, average home prices rose 1.16 percent on the month and
16.56 percent on the year, the CREIS survey showed.
Following a four-day conclave that ended in mid-November,
China's top leaders pledged to speed up legislation to launch a
long-awaited property tax in the nation, in a signal that
Beijing would rely more on market forces rather than
administrative measures to control the property market.
China is due to publish official home price data for 70
major cities for November on Dec. 18.
Official data showed China's property prices surged to
record highs in October.