Home prices in China in December rebounded slightly from the month before due to strength in smaller cities.
The average price of new homes in 70 cities rose 0.5% in December from November, excluding government-subsidized housing, according to calculations from The Wall Street Journal based on data released Thursday by the National Bureau of Statistics. That compared with a 0.4% on-month gain in November.
Compared with the same period a year earlier, average new home prices increased 5.8% in December, compared with a 5.5% increase in November.
Beijing has been trying to manage a gradual property market slowdown by imposing stricter property controls in megacities and allowing fewer restrictions in outlying areas.
Compared with the same period a year ago, prices fell 0.2% in Beijing and 3% in Shenzhen. They rose 0.2% in Shanghai and 5.5% in Guangzhou.
Inland cities led month-over-month gains, including Kunming, up 2.6%, Luzhou, up 2%, and Dali, up 1.5%. Prices in Haikou, the capital of China's island province Hainan, were up 2.2%.
New home prices rose in 57 of 70 cities in December from a month earlier, compared with 50 in November. Prices of new homes increased in 61 of 70 cities in December from a year earlier, compared with 59 in November.
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(END) Dow Jones Newswires
January 17, 2018 21:20 ET (02:20 GMT)