In December last year, the average price of new residential housing in 100 major cities in China increased by 0.42 percent month on month to RMB 15,168/mt ($2,178.9/mt), as announced by the China Index Academy, a Beijing-based real estate research institute. The month-on-month increase in average prices was 0.21 percentage points faster than the month-on-month increase rate recorded in November of the same year.
Meanwhile, in December the average price of new residential housing in 100 major cities in China increased by 3.34 percent year on year, 0.17 percentage points higher than the year-on-year increase rate recorded in November.
The average price in December of new residential housing in ten leading Chinese cities, including Beijing and Shanghai, was recorded at RMB 27,350/mt ($3,928.8/mt), up 0.42 percent month on month, compared to a rise of 0.15 percent in November.
China’s central government has repeatedly emphasized that housing is for residential rather than speculative purposes, and so the real estate market in China is expected to maintain its current relatively stable growth. At the same time, the real estate sector in China may perform better in 2020 than in 2019 following the Central Economic Work Conference held recently in Beijing at which the Chinese government stated that “China will work harder to ensure housing for the poor in cities, to upgrade urban areas and lower existing housing stock, and carry out renovation of old residential areas in cities and towns.”