China’s new home prices jumped in November by the most this year even as more Chinese cities implemented new measures to suppress rising property prices.
Prices rose 10.99 percent from a year earlier to 10,758 yuan ($1,765) per square meter (10.76 square feet), SouFun Holdings Ltd. (SFUN), the nation’s biggest real estate website owner, said in an e-mailed statement after a survey of 100 cities. Prices rose 0.68 percent from October, the 18th consecutive month of increases.
At least 10 Chinese cities have tightened their property policies in the past month as local governments face pressure to meet annual home-price targets, according to Centaline Property Agency Ltd., the nation’s biggest real estate brokerage. Three of China’s four major cities -- Shenzhen, Shanghai and Guangzhou -- raised minimum down-payment requirements for second-home mortgages to 70 percent from 60 percent.
The city of Zhanjiang in southern Guangdong province led gains, with prices rising 3.51 percent from October, according to today’s SouFun data. The biggest decline was in Baoding, a city in northern Hebei province, where prices dropped 2.94 percent.
Li Ka-shing, Asia’s richest man, said his companies have slowed land purchases in Hong Kong and China as prices have escalated.
“Land prices in Hong Kong are high, and already showing signs of an unhealthy situation,” Li said, according to a statement from Cheung Kong Holdings Ltd., his flagship developer on Nov. 28. “Land prices in China have surged, and we’re unable to win auctions for land.”
To contact the editor responsible for this story: Andreea Papuc at email@example.com