China Home Prices Rise in Most Cities, Defying Curbs

China’s January new home prices rose from a year earlier in all but two of the 70 cities monitored by the government, defying property curbs to keep housing affordable.

New home prices in the capital Beijing advanced 6.8 percent in January from last year, while Shanghai climbed 1.5 percent, the statistics bureau said on its website today, initiating a new method of calculating prices. Haikou had the biggest gain, surging 21.6 percent, and 10 cities had increases exceeding 10 percent. Housing values in the southeastern city of Quanzhou and the western city of Nanchong fell.

China extended property curbs last month, including raising the minimum down payment for second-home purchases, telling local governments to set price targets on new properties, and introducing taxes for residential homes in Shanghai and Chongqing. The central bank raised interest rates on Feb. 8 for the third time in four months.

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- Posted: 2011-02-17 23:02:37

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