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Life may be returning to China's ailed housing sector as prices moved up steadily for seventh consecutive month. Prices in 70 cities surveyed up by 0.3% in November, after rising 0.2% in October. On yearly basis prices have recovered from deflation to up by 0.9% in November.
Large chunk of the rises are due to price hump in Tier one cities. In capital Beijing up 7.7% from a year ago, while in financial hub Shanghai prices are up by 13.1%. While prices have jumped up solid in Tier one cities like Beijing, Shanghai, Guangzhou, Shenzhen, in some Tier three and four cities prices are in decline. Inventory still high in greater China.
Nevertheless this recovery and stabilization is broadly encouraging, since the construction sector contributes about 7% to GDP.
Some of the policy measures taken up, might be producing intended effect. People's Bank of China (PBoC) has cut rates six times in last 12 months and reduced down payment required for second house purchase thrice already.
Further measures are likely to come in 2016.
