Home Sales Hits Highest Mark in Two Years
Home sales around china have risen in November and is said to be the highest in the monthly value in two years even when the local government have announced measures that is meant to curb the rising prices. home values rose 19 percent or to 720 billion yuan last month the highest amount since December of 2011 and from 604 billion yuan in October.
Based on the report of the National Bureau of Statistics the difference for the first 11 months of housing sales surged 31 percent compared to one year earlier which hit 5.9 trillion yuan. While no other additional measures were implemented nationwide by Premier Li Keqiang that is aimed to rein in the property prices since Wen Jiabao has stepped up the three year campaign in 13 cities to tighten property policies. Three of the four major cities in China have already raised its minimum down payment requirements for all second home mortgages to 60 percent down from the previous 70 percent
In November the new home prices have increased most of the year and gained more than ten percent or at 10,758 yuan per square meter year on year as reported by the nation’s largest real estate website SouFun Holdings.