China's housing market grew in 2012

China’s housing market grew marginally in 2012 due to increased property sales between July and December and confidence in home price inflation, The Wall Street Journal reported. The average December home prices in 70 large Chinese cities increased at the highest rate in almost two years, rising 0.31% from November, according to the National Bureau of Statistics. Prices of new-build property increased in December from November in 54 of the 70 cities surveyed, according to the data published on Friday. In November, 53 of the same cities saw price inflation for new-build homes. Residential property sales increased 10.9% in 2012, showing a December rise of 8.0% year-on-year.  The figures signal a market rebound after roughly three years of government measures to curb price increases. Prices are expected to increase 5% to 10% in first-tier cities in 2013, according to Johnson Hu, a CEMB Securities analyst.