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Chinese new house prices are up by as much as 46.8% annually

Source: Shutterstock

Chinese new home prices rose by 1.6% in the year to December, continuing the tepid recovery first started in April last year.

According to calculations from Reuters, the increase was the fastest seen since July 2014.

Continuing the pattern seen over the past six months, all of the national increase was driven by steep gains in major centres scattered along China’s eastern seaboard.

New home prices in Shenzhen, China’s financial capital to the south, rose by a further 3.2% in December, leaving the annual increase at a staggering 46.8%.

Of the other major centres, prices in Shanghai – China’s finance capital – rose by 15.5% from 12-months earlier while those in the capital, Beijing, grew by 8.3% from December 2014.

Guangzhou and Tianjin also saw increases of 9.1% and 3.1% respectively.

While major centres recorded significant to mild increases, China’s statistics bureau – the NBS – stated that prices increased in only 39 of 70 cities surveyed in December, a modest increase on the 33 level of November.

They also noted that prices in third and fourth-tier cities were still down on levels of a year earlier, demonstrating the scale of the supply glut that has formed in many smaller mainland cities.

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