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China's home prices pick up in January

China's home prices pick up in January

Mubasher: Home prices in China increased slightly year-on-year in January on the back of momentum from bigger cities, which offset declines in smaller ones, data released on Friday showed.

Month-on-month, however, prices recorded their slowest growth rate in nine months, according to the National Bureau of Statistics (NBS).

In January, average prices jumped by around 10.8% compared to the same period of 2018, according to calculations by The Wall Street Journal based on the data released Friday. This compares to a 10.6% rise in December 2018.

Month-on-month, average prices across 70 Chinese cities grew 0.6% in January, although the rise had slowed down from 0.8% in December.

Prices increased in first- and second-tier cities, but declined in third-tier cities, the NBS said.

Compared to December, prices increased in 58 out of 70 cities, compared with 59 in the previous month. Year-on-year, prices grew in 68 of 70 cities.