China home prices continue to rise

Residential property prices in China rose 0.95 per cent last month from a month earlier, up from December’s increase of 0.90 per cent, a private data provider said yesterday.

The China Real Estate Index System (CREIS) said home prices stood at an average 8,645 yuan ($1,677) per sqm in the 100 cities it covers in its survey.

The CREIS data is closely watched by real estate investors who believe that it reflects property price trends better than the government’s figures reported by the National Bureau of Statistics (NBS). Also, CREIS data tracks only residential property, while the NBS data includes the non-residential sector.

The official agency, which looks at 70 major Chinese cities in compiling its index, is likely to release its January report in the next few days.

China has taken a slew of steps to contain property inflation since late 2009, including a trial of a long-debated property tax in Shanghai and Chongqing that began last month.

Source : Today – 11 Feb 2011

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