New home prices in China rose in 35 out of 70 cities according to data compiled by the National Bureau of Statistics, up from 31 out of 70 cities rising in September.
Of 70 cities, 18 of them saw new home prices staying flat, up from 17 in September, while 17 cities saw new home prices falling, down from 22 in September.
Although the official home price numbers are not reliable, as the methodology is flawed, it points to the reality that the real estate market continues to be resilient with the exception of a few cities, such as Wenzhou, which saw new home prices falling in 13 out of the last 14 months, which resulted in a 17% drop of new home prices since August last year (anecdotes from Wenzhou suggest that the actual fall is likely to be much higher than this).
Source: National Bureau of Statistics
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