China home prices climb in November despite gov’t cooling measures

Nathan Andrada – Fourth Estate Cooperative Contributor

Beijing, China (4E) – New home prices in China accelerated to a new record growth rate in November, despite measures by the central government to cool the fast-rising real estate sector.

Both Shenzhen and Guangzhou saw 21 percent increases from the previous year, while prices rose 18 percent in Shanghai and 16 percent in the capital Beijing, according to data from the National Bureau of Statistics (NBS) released Wednesday. Prices gained from the previous year in 69 of 70 cities monitored by the government in November, the report showed.

In the past month, 13 cities in China introduced property tightening policies, and three of the four major Chinese cities increased mortgage down-payment requirements for buyers of second homes even as Beijing stopped from introducing curbs across the county.

Existing home prices surged 20 percent in Beijing in November from a year ago, while they climbed 14 percent in Shanghai, rose 15 percent in Shenzhen and increased 12 percent in Guangzhou, according to the NBS data.

In a separate private report, housing values rose 9.5 percent in November from the previous year. The data showed that last month posted the biggest gain since December 2012, according to SouFun Holdings Ltd., owner of China’s largest real estate website.

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