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More cities see housing price decline in Nov.
Date: 2011/12/19 Click: 2644
More Chinese cities posted monthly home price declines in November after the government took a slew of measures to curb runaway property prices.

In November, 49 cities out of a statistical pool of 70 major cities saw drops in new home prices from October, compared with 34 cities in October, the National Bureau of Statistics said on Sunday.

New home prices in 16 cities stayed flat last month from October, and the growth rates of home prices in the other five cities were all below 0.2 percent, according to an NBS statement on its website.

On a year-on-year basis, four cities out of the 70 saw price declines in November, compared with two in October. Gains of new home prices eased in 61 cities, the statement said.

New homes are defined as new commercial residential apartments excluding affordable housing, according to the statement.

Prices of existing homes fell in 51 cities in November, an increase of 13 cities from October, while those in 12 cities stayed flat, according to the statement.

Since April 2010, China has imposed a raft of measures aiming to calm property prices. They include higher down payments, limits on the number of houses that people can own, the introduction of a property tax in some cities and the construction of low-income housing.

To gear the property market toward healthy development, China has also begun the construction of affordable housing units, aiming to build 36 million subsidized housing units by 2015.

China's housing authorities said in early November that the country has already met this year's goal of starting the construction of 10 million units by the end of October.

Next year, China will unswervingly maintain its regulation policies on the property market for a return of housing prices to a reasonable level, according to a statement released Wednesday after the country's annual central economic work conference.

"The country will speed up the construction of ordinary commercial residential housing to increase the effective supply and promote the healthy development of the property market," the statement said.
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