World Economic outlook - China home price in November 2011 ; The average price of residential properties in 100 Chinese cities in November fell for the third consecutive month, with the average price down 0.28 percent from October to 8,832 yuan per square meter, according to China Index Academy, an affiliate of Soufun.
Of the total, 43 cities posted month-on-month home price increases in November, while the remaining 57 cities reported declining prices. Six cities recorded price falls of more than one percent.
Compared with October, the number of cities that posted month-on-month price drops was unchanged. The average median home price was 5,900 yuan per square meter in November, unchanged from October.
According to the report, the magnitude of the price declines was greater in November due to the expansion of property purchase restrictions and tightened liquidity conditions.
Some property developers in second and third-tier cities slashed the prices of their property developments by up to 20 percent month-on-month.
Home prices fell by 1.5-2 percent month-on-month in Jiangmen and Wuxi, while six cities, including Xi'an and Dongying, recorded price declines of 1-1.5 percent. Forty-seven cities posted month-on-month drops of less than one percent in home prices.
Of the cities which recorded home price increases, Weihai and Yantai in Shandong province recorded price gains of 1.5–2 percent month-on-month. The cities of Shantou, Baotou, Taiyuan and Liaocheng posted price increases of 1-1.5 percent from October.
Compared with the same month in 2010, average home prices in November rose 4.06 percent, with the growth rate down 1.15 percentage points from October.
Ninety-three cities posted year-on-year price increases of up to 10 percent, while nine cities posted year-on-year declines in home prices.
The nine cities include, Ningbo, Wuhu, Haikou, Suzhou, Beihai, Jiaxing, Chongqing, Harbin and Hangzhou. The price declines were less than five percent.
Average residential property prices in the 10 major cities in November hit 15,663 yuan per square meter, down 0.36 percent from October. Nanjing and Chengdu reported the greatest month-on-month falls, with declines of 1.2 percent and 0.9 percent, respectively.
Eight other cities, including Shanghai, Wuhan, and Shenzhen, recorded price declines of less than 0.5 percent.
On an annual basis, average residential property prices in the 10 major cities rose 1.66 percent. Price gains in Wuhan, Guangzhou, Shenzhen, Beijing, Chengdu and Tianjian ranged from between one percent and six percent, while Shanghai and Nanjing posted price increases of less than one percent.
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