Home prices in China rise for 20th straight month amid slower pace

By Cherry Cao | February 6, 2014, Thursday |

Online Edition

HOME prices in China climbed for the 20th straight month in January despite a slower pace, according to a latest report released by the China Index Academy.

The average price of new homes in 100 cities across the country rose 0.63 percent last month from December to 10,901 yuan (US$1,799) per square meter, the adademy said. In December and November, they increased 0.7 percent and 0.68 percent, respectively.

"Housing prices in the majority of Chinese cities were rather stable for another month with narrowed growth registered both monthly and annually," the academy said. "Intensive property curbs rolled out in many cities during the last quarter of 2013, coupled with a seasonal impact, jointly led to a cooled down market in the first month of 2014."

Around the country, prices in 62 cities saw growth from a month ago, down from 68 in December. Of the 62 cities, 20 recorded increases of above 1 percent, compared to 19 in December. Zhangjiagang in Jiangsu Province led last month's gainers with a 2.87 percent rise.

In the 10 largest cities, the average price of a new home advanced 0.85 percent to 27,027 yuan per square meter. That compared to a monthly increase of 1.31 percent in December. Beijing saw the biggest growth among the largest cities with a monthly gain of 2.12 percent, followed by Shanghai and Guangzhou, where new home prices rose 1.31 percent and 1.02 percent, respectively, the academy said.

Year-on-year, new home prices jumped 11.1 percent in January, extending growth for the 14th consecutive month. That compared to a 11.51 percent rise in December. Of the 100 cities monitored by the academy, 94 recorded increases, according to the academy.

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Home prices in China rise for 20th straight month amid slower pace

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