Home prices in China continue to climb

Residential property prices in China’s 100 key cities rose 0.8 per cent last month from a month earlier, according to the China Real Estate Index System (CREIS).

Shenzhen stood out as the city with the highest average property price at 24,601 yuan ($4,840) per sq m, followed by Shanghai, Beijing, Hangzhou and Sanya, the private data provider said.

Housing prices in the country’s 10 most expensive real estate markets rose an average of 34 per cent last month from a year earlier, it added.

The survey by CREIS, which is affiliated with SouFun Holdings, China’s biggest real estate website operator, serves as a leading indicator of Chinese housing prices. Official data is due next week.

The National Bureau of Statistics’ official measure of the Chinese property market registered a 0.2-per-cent price increase in October in month-on-month terms and an 8.6-per-cent annual increase.

Source : Today – 3 Dec 2010

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