China home-price growth slows as property curbs dent demand

Pedestrians cross a road in front of residential buildings in Beijing, China, on Nov 25, 2016.
Pedestrians cross a road in front of residential buildings in Beijing, China, on Nov 25, 2016. PHOTO: BLOOMBERG

SHANGHAI (BLOOMBERG) - China's overheated property market continued to cool in November as authorities rolled out renewed home-buying curbs to deflate a housing bubble.

New-home prices, excluding government-subsidized housing, gained in November from the previous month in 55 of the 70 cities tracked by the government, compared with 62 in October, the National Bureau of Statistics said on Monday (Dec 19). Prices dropped in 11 cities, compared with seven a month earlier. They were unchanged in four.

Local authorities from Shanghai to Tianjin stepped up property curbs last month, following a raft of restrictions rolled out in almost two dozen cities since late September. That has led to a slowdown, with the value of homes sold last month gaining at the slowest pace this year, official data last week showed.