No upturn in China's property market

A property construction site in Nanjing, capital of Jiangsu province, Nov 21, 2014. [Photo/CHINA DAILY]

Property market in China continues to slide. In November, home prices fell in 82 cities and rose in four compared to last month, chinanews.com reported on Monday.

The average price of newly built homes is 10,589 yuan ($1,726) per square meter in 100 Chinese cities, which is lower compared to last month as well as same time last year, said the website quoting data from China Index Academy.

Hangzhou reported the biggest fall in home prices, with the rate dropping 0.93 percent from last month, and 10.08 percent year on year.

Among 100 cities, home price in only 18 cities is higher from a year earlier.

The prices in Beijing and Shanghai saw a slight upturn of 0.07 percent in November, reaching 18,946 yuan per square meter ($3,082), which ends the downturn from May of this year.

In Shanghai, the average home price rose 1.18 percent compared to last month, and 5.23 percent year on year.

Reductions in inventory will continue in the future, which will cause downward pressure on prices in the property market in the country, China Index Academy forecasts.