November property prices drop in most surveyed cities

Home prices fell in more than half of the 70 cities monitored by the government in November, an indication that regulatory efforts to limit an asset bubble in the property market are gathering steam, Bloomberg reported. New home prices rose in five cities and fell in 49 during November, up from a drop in 33 cities in October, the national bureau of statistics announced Sunday. The government said last week it would not yet reverse its curbs, which include home purchase restrictions, higher down payments and tighter mortgages requirements. “It’s still the critical stage of China’s property curbs, so the government doesn’t want to send any signals of easing of those policies too early as it may reverse the trend,” said Shen Jian-guang, a Hong Kong-based economist at Mizuho Securities Asia.