China Housing Signals Recovery

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China's average home prices rose in December, ending eight straight months of year-on-year declines, signaling the country's property market is recovering from its lengthy slump, the Wall Street Journal reported today. A survey of property developers and real estate companies showed the average price of housing in 100 Chinese cities rose by a modest 0.03 percent in December from a year earlier, data provider China Real Estate Index System said Friday. Analysts said that the increase reflects surprisingly strong demand for homes, with wintry year-end temperatures cutting into buyers' enthusiasm in parts of the country. The slight rise also comes after nearly three years of government effort to keep prices in check. Read more.