China’s Index Academy owned by Soufun has released its November house price data, from AFP:
The average price of a new home in China’s 100 major cities was 10,589 yuan (US$1,736) per square meter in November, down 0.38 percent from October, the independent China Index Academy said in a statement.
The fall was a slight improvement from the 0.40 percent month-on-month drop in October, previous figures showed.
“We expect the interest rate cut to kick in next year,” Bai Yanjun, research director for the China Index Academy, told AFP.
“We still believe the market is under downward pressure for the rest of 2014 because the current home inventory levels in first-tier and major second-tier cities are still high,” he said.
…On a year-on-year basis, China’s new home prices fell 1.57 percent from the same month last year, far sharper that the annual fall of 0.52 percent in October, the academy said.
But for China’s ten biggest cities — which tend to have the most active property markets — new home prices rose 0.07 percent in November from October, marking the first gain after six months of declines, it said.
A bifurcated market developing pretty much as expected. Don’t look for a commodity price rescue here.
