China home prices up 0.3 per cent in December
17 Jan 2011
China's home prices rose 0.3 per cent month-on-month in December and 6.4 per cent year-on-year, said the National Bureau of Statistics (NBS) today.
The survey was conducted across 70 major Chinese cities.
Shanghai's mayor Han Zheng said the city was preparing for ''the trial reform on property tax, as required by the central government'' to cool property prices.
Meanwhile, China's inflation rate jumped to 5.1 per cent in November, according to NBS.
In the second half of 2010, China raised the reserve requirement ratio for banks six times and lifted interest rates twice to curb inflation. The central bank on Friday added an additional 0.5 per cent to the reserve requirement ratio, pushing it to the highest level ever.
The decision triggered a 5-per cent drop in share prices for Chinese property companies when markets reopened today.
