Investor Alert

Dec. 2, 2012, 10:25 p.m. EST

China housing-price gains accelerate, data show

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By Esther Fung

SHANGHAI--The average price of housing in 100 major Chinese cities rose in November from October, marking the sixth consecutive monthly increase, with gains accelerating following an increase in sales during the month.

A survey of property developers and real-estate firms showed the average price of housing in November was 8,791 yuan ($1,411) a square meter, up 0.26% from CNY8,768 a square meter in October, data provider China Real Estate Index System said Thursday. The increase was higher than October's 0.17% gain.

Compared with a year earlier, housing prices fell 0.46% in November, their eighth straight decline, moderating from October's 1.0% year-on-year drop.

The survey is compiled with online real-estate brokerage SouFun Holdings Ltd., and has been widely watched since the government scrapped a national property price index in February last year.

Housing prices in November rose in 60 cities and fell in 38 cities from the preceding month, the survey showed. Prices in the remaining two cities remained unchanged.

The National Bureau of Statistics is scheduled to release its November data for residential property prices in 70 major cities on Dec. 18.

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