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China December home prices rise 9.9 percent year on year

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[January 18, 2014]  BEIJING (Reuters)  Average new home prices in China's 70 major cities in December 2013 rose 9.9 percent from a year earlier, the same as the previous month's record gain, according to Reuters calculations based on official data published on Saturday.

In month-on-month terms, prices rose 0.4 percent in December, slowing from November's rise of 0.5 percent.

The National Bureau of Statistics said new home prices in Beijing rose 16 percent in December from a year earlier, compared with November's year-on-year increase of 16.3 percent.

Shanghai prices were up 18.2 percent in December from a year ago, versus 18.2 percent annual growth in November.

China's home prices have continued to rack up records in past months despite government measures to cool the market, in large part due to a strong view that property remains one of the best investment options and also to local government land sales for much-needed revenues.

Reuters started its weighted China home price index in January 2011 when the NBS stopped providing nationwide data, only giving home price changes in each of 70 major cities.

(Reporting by Xiaoyi Shao and Jonathan Standing; editing by Shri Navaratnam)

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