China’s new home prices grew at their weakest pace in nearly two years in November while property investment also eased, new research has revealed.

An analysis from Reuters of National Bureau of Statistics (NBS) data found average new home prices in China’s 70 major cities rose 0.3 per cent in November from the previous month, lower than the 0.5 per cent growth reported in October and the weakest since February 2018.

On an annual basis, average new home prices in the 70 cities rose 7.1 per cent in November, down from 7.8 per cent in October and the slowest year-on-year pace since August 2018.

At a glance:

• New data from the National Bureau of Statistics has found China's new home prices grew at their weakest pace in nearly two years in November.
• According to the data, average new home prices in China’s 70 major cities rose 0.3 per cent in November from the previous month, lower than the 0.5 per cent growth reported in October and the weakest since February 2018.
• The data also showed also showed China’s real estate investment in November grew 8.4 per cent from a year earlier, down from October’s 8.8 per cent and the weakest pace in nearly a year.

Most of the 70 cities surveyed still reported monthly price increases for new homes, but the number was down to 44 from 50 in October.

According to Reuters, price trends have remained mixed, with some cities showing signs of rapid cooling while others remain vulnerable to overheating.

Price growth in China’s four top-tier cities - Beijing, Shanghai, Shenzhen and Guangzhou - rose 0.6 from a month earlier, quickening from a 0.1 per cent gain in October, the statistics bureau said in a statement accompanying the data.

Tier-2 cities, which include most of the larger provincial capitals, increased 0.2 per cent in November on a monthly basis, compared with a 0.5 per cent gain in the previous month.

Tier-3 cities rose 0.5 per cent, slower than October’s pace.

Separately, official data on Monday also showed China’s real estate investment in November grew 8.4 per cent from a year earlier, down from October’s 8.8 per cent and the weakest pace in nearly a year.

Source: Reuters

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