Average new house prices in China shift to decline in Nov

Friday, 03 December 2021 11:46:43 (GMT+3)   |   Shanghai
       

In November of the current year, the average new house price in 100 cities in China amounted to RMB 16,183/square meter ($2,540.5/sq.m.), up 2.72 percent year on year, 0.36 percentage points slower than the year-on-year growth recorded in October this year, while down 0.04 percent month on month, shifting from the month-on-month rise of 0.09 percent recorded in October this year, as announced by CRIC, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider.

In particular, in November, 29 cities saw month-on-month rises in prices, 68 cities indicated month-on-month declines, while the remaining three cities saw prices remain stable.

In November, the average second-hand house price in 100 cities in China amounted to RMB 16,013/square meter ($2,513.8/sq.m.), up 3.66 percent year on year, 0.38 percentage points slower than the year-on-year growth recorded in October this year, while down 0.08 percent month on month, 0.04 percentage points faster than the month-on-month growth recorded in October. 

Several government departments in China have stated that the credit supply to the real estate industry will be increased, which will exert a positive impact on the development of the industry. However, the looser credit policies will positively affect state-owned enterprises and quality private sector enterprises, while enterprises with problems are unlikely to experience any substantial improvement. 


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