China House Prices Rise 2.2 percent in January

Home prices kept rising at a quicker pace in major Chinese cities in January, underscoring the need for government measures to cool the property market, data released Friday shows.

Of a statistical pool of 70 major Chinese cities monitored by the National Bureau of Statistics (NBS), 53 cities saw home prices increase within 2.2 percent in January from a month earlier. In December, 54 cities recorded increases with a growth margin of no more than 1.2 percent.

New home prices in first-tier cities including Beijing, Shanghai, Guangzhou and Shenzhen rose 2.1 percent, 1.3 percent, 2.0 percent and 2.2 percent, respectively, on a month-on-month basis, marking a quicker pace of growth than in December.

On a year-on-year basis, 53 cities registered rising prices, with the growth rate taking a drastic jump to 4.7 percent from the 2.4-percent rise recorded in December, the NBS said in a statement on its website.

via Xinhua

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