China's November home prices stable on tight curbs

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Average housing prices in China's 70 major cities remained steady in November in that the government beefed up curbs on its real estate market, official data showed Saturday.

New house prices in the country's four first-tier cities of Beijing, Shanghai, Shenzhen and Guangzhou edged up 0.3 percent from a month earlier, while resold house prices posted a mild drop, from 0.2 percent in October to 0.4 percent in November, National Bureau of Statistics (NBS) said in a statement accompanying the data.

Relative smaller cities acted as strong price performer for the month, with prices of new home and resold house climbing one percent and 0.3 percent respectively in 31 second-tier cities, as well as 0.9 percent and 0.4 percent in the remaining 35 third-tier cities on a monthly basis.

Average growth in new house prices was dragged down in the first 11 months, compared with the same period in 2017.

Starting January and running through November, average new home prices ascended by a mere of 0.3 percent year-on-year in the country's four top-tier cities, down 10.6 percent from the same period last year.

Price growth in second-tier and third-tier cities came in at 7.2 percent and 7.6 percent year-on-year in the January-November period, down from 9.4 percent and 7.9 percent a year earlier.

China's housing market is currently cooling down on account of a softer investment and toughened government curbs on the property market.