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FxWirePro: China’s property prices post growth for first time in 13 months

China’s property market, which has been struggling since November 2016 enjoyed a good month of growth in December when 61 out of 70 cities saw a registered yearly increase in prices. China’s property price index, which declined to 5.1 percent y/y in November, rose by 5.3 percent y/y in December, its first yearly increase in 13 months. Growth has been declining since it peaked at 12.6 percent in November 2016.  

This is a great piece of news for the Chinese economy since housing market plays a crucial role in investments, employment, and broad-based growth. According to official figures from China’s National Bureau of Statistics, 61 out of the 70 cities surveyed saw prices increases on a yearly basis. However, some important cities like Beijing (-0.2 percent), Shenzhen (-3 percent), and Chengdu (-0.6 percent) registered price decline.

Prices rose 0.4 percent in month-on-month terms, up from 0.3 percent in November the first pick-up in sequential growth since September. Prices were up in 57 cities, unchanged in six and fell in seven including Beijing and Guangzhou (both down 0.3 percent) as well as Shenzhen (down 0.2 percent).

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