For the first time since August last year, new home prices in China are higher than they were a year earlier.
According to China’s National Bureau of Statistics, new home prices eked out a 0.1% increase in the 12 months to October, an improvement on the 0.9% decline seen in September.
New home prices in the southern city of Shenzhen, home to the frothiest of frothy stock markets such as the ChiNext and Shenzhen Composite, did their best impression of price movements in stocks in the first half of the year, recording astonishing price growth of 39.9%.
Yep, a cool 40% in just 12 months. Who said speculation in Chinese markets was dead?
Shanghai and Beijing, more recognisable to foreign investors than Shenzhen to the south, also recorded solid gains. Prices in Shanghai – China’s financial capital – rose 10.9%, fractionally shading those in the political capital – Beijing – where they increased 6.5%.
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