December increase even better than November's.
According to BBVA, China’s property prices continued to ascend, with the number of cities reporting rising sales prices for new homes increased to 54 from 53 the previous month, according to official government data.
"We estimate that national property prices increased by 0.35% m/m in December (0.43% y/y), slightly up from 0.29% in November (-0.2% y/y). Residential housing prices began to rebound in June 2012, and had risen by a cumulative 1.0% through December 2012, turning positive in over-year terms (0.2% y/y in December) for the first time in 2012," said BBVA.
"The data point to an ongoing recovery in the property market since June, despite tightening measures remaining in place," BBVA added.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
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