House prices up 10.5% in Nov

Housing prices in 70 major Chinese cities increased by 10.5% in November, according to a survey conducted by the National Development and Reform Commission (NDRC).

This figure represents a record high since July 2005 when the country started to carry out monthly survey on property prices.

Prices of new projects in Shenzhen and Beijing increased by 16.8% and 17.8% respectively. Furthermore, the growth rate of housing prices in some second and third-tier cities is also high, such as Urumqi and Beihai reported an increase of 18.5% and 17.8% respectively, according to the survey.

Cao Changqing, director of the pricing department under the NDRC said it is difficult to cut down property prices in a short term as the existence of this problem is nationwide. The nation will adjust housing sector and finally settle this problem step by step through careful study of new supervision measures, according to Cao.

He added that as further implementation of regulatory policies, housing prices in China will stay stable and people's demand for houses will also be met gradually.