Property price growth continues to slide in major cities

Property prices in 70 major Chinese cities rose 0.2% year-on-year in November, down 1.4 percentage points on the previous month’s figure, according to data released by the National Development and Reform Commission (NDRC). The growth rate was the lowest since the NDRC began publishing the data more than three years ago, state media reported. Price growth has fallen substantially over the course of the year after reaching 11.3% in January. As recently as April, property prices had been rising at a double-digit rate, the NDRC said. Prices of new homes specifically grew 0.2% in November, 1.6 percentage points lower than in October. House prices for low income earners in major cities were up 0.6%.