The downtrend in property prices in China appears to have stabilized after the market saw the return of year-on-year growth for the first time in 13 months.
The average home price in 70 major cities in October edged up 0.1 percent from a year ago, compared with a 0.9 percent year-on-year drop in September, the Hong Kong Economic Journal reported on Thursday, citing newly released figures from the National Bureau of Statistics.
The October price was also up 0.2 percent from the previous month, with the month-on-month growth trend having continued over the last six months.
Sixteen out of the 70 cities surveyed saw an increase in home prices from a year ago, while 52 cities saw a slower decline.
New World Development Co. Ltd. (00017.HK) chairman Henry Cheng Kar-shun said certain cities have shown signs of stability in their property market, although the degree varies depending on the demand and supply dynamics in each area.
Analysts, however, cautioned against too much optimism, saying market fundamentals have not changed with no significant improvement in the gap between supply and demand.
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