Chinese house prices continue to edge higher

| January 17, 2011 | 0 Comments
Chinese  house prices continue to edge higher

China’s property prices rose for the fourth consecutive month in December, albeit at a slower pace.

According to the National Bureau of Statistics, prices rose 0.3% in December, taking the annual rate to 6.4% - although this is half of the peak reached in April 2010 - when prices surged 12.8%.

However, prices have remained stubbornly high despite several Government incentives to avoid a property bubble.

The latest measure is to introduce a property tax. Shanghai Mayor Han Zheng said it is preparing for the “trial reform on property tax as required by the central Government”.

However, details such as the rate and timing have yet to be published.

Meanwhile, property transactions are also up with total sales for last year 10.1% higher than 2009.

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