China’s home prices recorded their first year-on-year increase in nine months in December, an independent survey showed on Friday, but it said a huge rebound nationally was unlikely.
The cost of a new home in 100 major cities averaged 9,715 yuan (US$1,560) per square metre last month, up a marginal 0.03 per cent from December last year, the China Index Academy (CIA) said.
Prices rose 0.23 per cent from November, the seventh consecutive monthly rise, it said in a statement.
Property costs are a key social issue in China, where millions of would-be buyers have been priced out of the market, fuelling resentment.
The central government has sought to control residential property prices for the past two years, with measures including restrictions on second and third home purchases, higher minimum downpayments, and annual taxes in some cities on multiple and non-locally-owned homes.
The moves cooled the once red-hot market, but demand remains pent-up and government monetary policy has eased in recent months.
