Average Chinese house prices rose at a faster pace in November than the previous month, signs of a property market recovery that may boost the economy next year, The Wall Street Journal reported. Sales and investment picked up in past weeks because of the growing view that prices have bottomed out after largely marginal gains since June, analysts said. Average prices in 70 Chinese cities in November increased 0.024% from the previous month but fell 0.6% from a year earlier, according to data released by the National Bureau of Statistics. Prices of newly built homes rose in 53 of the 70 surveyed cities, compared to only 35 cities in October. Policymakers may have signaled a shift in attitude during a high-level meeting this weekend when they repeated a pledge to crack down on speculative investment but did not reiterate the need to bring down house prices, the report said.
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