2010-12-10 10:05

BEIJING - Property prices in 70 major Chinese cities rose 0.3 percent in Nov month-on-month and 7.7 percent year-on-year, the National Bureau of Statistics (NBS) said Friday.

The annualized growth rate, which peaked at 12.8 percent in April, was down from an 8.6 percent increase in October, and fell for the seventh consecutive month after the government began stepping up controls to curb prices in April.

New home prices climbed 9.3 percent year-on-year in November and 0.4 percent month-on-month. Prices for second-hand homes rose 5.6 percent year-on-year and 0.3 percent month-on-month.

Turnover of open-market property in terms of floor space rose 9 percent month-on-month to 101.13 million square meters in November while the value of sales grew 4.1 percent month-on-month to 528.6 billion yuan ($79.4).

Property investment rose 36.7 percent year-on-year to 462.8 billion yuan in November. That brought combined investment in the first 11 months to 4.27 trillion yuan, up 36.5 percent year-on-year.