China sees Oct home prices inch up on month
BEIJING (REUTERS) - Home prices in China rose 0.05 per cent in October from September, according to calculations based on official data announced on Sunday, adding to evidence of a recent, mild recovery in the country's property market and frustrating the government's efforts to temper prices.
It was the third month-on-month increase in five months following Beijing's decision to cut interest rates once each in June and July, which improved access to mortgage credit, and in the wake of policy tweaks by some cities to boost local property markets.
Average home prices in 70 major cities across China rose 0.05 per cent in October from the previous month, after staying flat in September and June and increasing in August and July, according to Reuters' calculations from data released by the National Bureau of Statistics.
On a year-on-year basis, home prices across China still fell 1.1 per cent in October for the eighth straight month of decline since March, thanks to the government's campaign for more than two years to cool an overheated property market. The pace of decline, however, eased last month from September's year-on-year drop of 1.3 per cent.