China's new home prices rise 0.1% in November from October

[BEIJING] New home prices in China grew at a slower monthly pace in November, official data showed on Monday, with tightening policies continuing to cool the market in larger cities while some smaller towns saw prices fall as demand waned.

Average new home prices in 70 major cities rose 0.1 per cent in November from the previous month, Reuters calculated from National Bureau of Statistics (NBS) data. That compared with 0.2 per cent on-month growth in October.

Prices rose 4.0 per cent in November from the same month a year earlier. That compared with a 4.3 per cent on-year increase in October.

China's property market has recovered quickly from the Covid-19 pandemic, prompting the government to step up efforts to deleverage the highly indebted sector to curb financial risk.

REUTERS