In November this year, the average price of new residential housing in 100 major cities in China increased by 0.21 percent month on month to RMB 15,105 ($2,151.7) per square meter, as announced by the China Index Academy, a Beijing-based real estate research institute. The month-on-month increase in average prices was 0.06 percentage points faster than the month-on-month increase rate recorded in October this year.
Meanwhile, in November the average price of new residential housing in 100 major cities in China increased by 3.17 percent year on year.
The average price in November of new residential housing in ten leading Chinese cities, including Beijing and Shanghai, was recorded at RMB 27,236 ($3,880.0) per square meter, up 0.15 percent month on month, compared to a drop of 0.09 percent in October.
China’s central government has repeatedly emphasized that housing is for residential rather than for speculative purposes. The real estate market in China is expected to maintain its current comparatively stable growth, while prices in some cities will come under downward pressure due to slowing demand in local markets.