The price of new housing in China slowed for the 12th consecutive month in November, according to Chinese government data, and the market is currently rising at its slowest rate in nearly two years, the Financial Times reports.
The average cost of new housing in 70 major Chinese cities grew 5.1 percent in November, according to a weighted average from Reuters based on data from China’s statistics bureau. The latest figures show a marked deceleration in the market since it hit a peak of 12.6 percent growth in November 2016.
Notably, prices are down year-on-year in several major cities including Shanghai and Beijing (both down 0.3 per cent), Chengdu (down 1.3 per cent) and Nanjing (down 1.5 per cent). While Hong Kong-adjacent Shenzhen saw the biggest fall, down 3.2 per cent, nearby Guangzhou saw prices rise 6.6 per cent from a year earlier.
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