Smaller cities drive China's new home prices in November, defying curbs

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Monday, Dec 18 2017

Smaller cities drive China's new home prices in November, defying curbs

Growth in China’s new home prices sustained its momentum in November, with increases seen in provincial centers and smaller cities in a sign policymakers may need to step up curbs to rein in speculation in the property market. China’s housing market boom has lasted more than two years, giving the economy a major boost but stirring fears of a property bubble, with the government taking stern measures to curtail speculative buying.

Authorities have been particularly focused on curbing lending for speculation in the housing market in a broad effort to defuse financial risks from a rapid build-up in debt. Average new home prices in China’s 70 major cities rose 0.3 percent in November from the previous month, in line with October’s price gains, Reuters calculated from National Bureau of Statistics (NBS) data out on Monday. The majority of the 70 cities surveyed by the NBS still reported a monthly price increase for new homes. Fifty cities reported higher prices in November, unchanged from October, indicating broad strength in markets nationwide.

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