China home prices warm up in smaller cities
Second straight monthly rise overall
Average home prices in 70 major Chinese cities tracked by the National Bureau of Statistics rose by 0.3% in November from previous month, according to calculation from Reuters. The year on year gain of 5.1% was a touch slower than October’s 5.4% YOY rise.
Smaller third- and second-tier cities accounted for the rise, while first-tier cities recorded a drop of about 0.1%. Among the first tier, Beijing and Shanghai were flat, while Guangzhou saw a 0.1% drop and Shenzhen fell 0.2%, as Dow Jones reported.
The largest cities have been the primary focus of the government’s efforts to cool off the overheated property market by curbing speculation. Despite expectation among many analysts that the housing market will continue to slow as the government measures take hold, there is little sign that regulations will lead to dramatic price declines.