Turnaround in Nov home prices stokes property market hopes

Growth in China's new home prices quickened in November after a slack performance in September and October, a private survey showed on Tuesday, stoking hope that the property market might pick up momentum again.

Despite being a traditionally slow season for new homes, average home price in 100 cities rose by 0.46 percent month-on-month in November to 10,899 yuan ($1703.3) per square meter, an acceleration from the 0.3 percent and 0.28 percent gains in October and September respectively, the China Index Academy, a research unit of SouFun Holdings Ltd, said in a report.

The academy data showed new home prices strengthened from October in 41 of the 100 cities it monitored, down from 48 a month earlier. However, this was offset by the strong pickup in a few cities. Shenzhen again led the nation with a 2.54 percent month-on-month advance - this is slower than the 3.5 percent growth in October, but compared with a year ago, it is already 34.75 percent higher.