Records are being broken at land auctions in both Beijing and Shanghai, with astronomical prices being paid for land in both cities.
Pre-owned home sales in Beijing saw a strong rebound in November, with the total transaction hitting 14,000 units this month, close to the peak in August, industry statistics showed on Thursday.
Hong Kong's property market is now at a stalemate as the transaction volume is stuck at an extremely low level while home prices are continuing to stay at record high levels.
China should increase affordable housing supply and expand its pilot property tax reforms, according to a report by a government think tank.
China's property market continued to warm up as land was sold at a record high price in Beijing and Shanghai and property developers accelerated their land hoarding rate.
China's home prices will diverge next year, with first-tier cities expecting to see a moderate growth while some second- and third-tier cities experiencing a drop.
Property tax should be expanded nationwide, said Finance Minister Xie Xuren in an article published in Tuesday's Economic Daily.
Harbin, in Northeast China's Heilongjiang province, recording the highest weekly growth of 971.67 percent year-on-year, according to industry figures.
More Chinese cities saw an increase in housing prices, but the government's price control measures helped to keep the rises small.
More cities see home prices rise
Build more affordable houses next year
Regulate housing file management
Studying property tax expansion
Sales of new homes in Beijing hit 10,314 units in the first half of November, close to a record high in the first 15 days of June.
China will next year introduce a regulation to better manage the housing files of the country in terms of resources and applicants.
The Chinese government is "actively studying" an expansion of the experimental property tax program in the country.
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