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Pace of home price rises continues to slow
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The rise in China's property prices continued to slow its pace last month, according to statistics released by the country's top economic planner yesterday.

Property prices in 70 medium and large cities across China rose 0.2 percent from a year earlier, or 1.4 percentage points lower than October, the National Development and Reform Commission said.

The growth rate was the lowest since the commission started to publish the figure in July 2005.

The growth, jointly compiled by the commission and the National Bureau of Statistics, continued to decline this year. It fell from 11.3 percent in January to 0.2 percent last month.

As recently as April, property prices had been rising by double digits on an annual basis, according to the commission.

Property prices in 43 cities eased in last month, with some cities recording sharp declines.

New home prices in Shenzhen, Nanjing and Xiamen dropped 2.4 percent, 2.2 percent and 2.9 percent respectively last month, compared with October.

(Xinhua News Agency December 10, 2008)

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