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Business & Finance

China's new home prices see moderate growth in December

  • China's property market has recovered quickly from the COVID-19 pandemic thanks to local governments' relaxation on price ceilings and urban-residency permits, while access to mortgages has also become easier.
15 Jan 2021

BEIJING: China's new homes prices grew moderately in December, official data showed on Friday, as government measures aimed at cooling the property market took their toll.

Average new home prices in 70 major cities rose 0.1% month-on-month in December, according to Reuters calculations of data from the National Bureau of Statistics. The pace of growth was unchanged from November.

New home prices rose 3.8% in December versus a year earlier, slowing slightly from a 4.0% increase in November.

China's property market has recovered quickly from the COVID-19 pandemic thanks to local governments' relaxation on price ceilings and urban-residency permits, while access to mortgages has also become easier.

But the sharp rebound has raised concerns about financial risk, with the government stepping up efforts to deleverage a highly indebted sector since the second half of last year.

The NBS data also showed the number of cities reporting monthly price increases for new homes rose to 42 out of 70 from 36 in November. Tier-1 cities, including Beijing, Shanghai, Guangzhou and Shenzhen reported the biggest monthly gains.