China house prices rise for fifth consecutive month – 2 Nov 2012

  • House prices in China’s 100 major cities rose further in October, marking the fifth consecutive monthly increase this year. The average price of new homes in the 100 cities increased 0.17 percent month-on-month to 8,768 yuan ($1,390) per square meter last month, at the same growth rate as in September. Average new-house prices in 10 key cities, including Beijing and Shanghai, rose 0.33 percent on a monthly basis to 15,625 yuan per square meter.
  • After a strong rebound in transactions in July and August, sales in October – a traditionally hot month for property sales – were flat. Property sales in 54 major cities dropped 6.4 percent month-on-month in October, the third consecutive monthly drop, according to the real estate consultancy Centaline Group. Second-tier cities, such as Suzhou, Hangzhou and Qingdao, saw the biggest drop, as demand there was not as strong as in first-tier cities.
  • Land sales in 10 major cities more than doubled in the third quarter compared with the previous quarter, according to the real estate service provider Homelink. Local governments in the 10 cities – which include Beijing, Shanghai and Guangzhou – received 135.2 billion yuan from selling land parcels in the third quarter, an increase of 123.8 percent from the second quarter, according to Homelink.

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