Chinese home prices rose faster in November than in the previous month

The average price of a new home in 100 major cities rose 10.99 per cent year-on-year to 10,758 yuan ($1,766) per square metre, said the China Index Academy, which compiled the survey.

That was higher than the rises of 10.69 per cent in October, 9.48 per cent in September and 8.61 per cent in August, said the academy, which is the research unit of the real estate.

Chinese home prices rose faster in November than in the previous month, an independent survey showed on Sunday, adding that authorities are likely to introduce further changes to control the lively real estate market.

High property prices have generated discontent among ordinary Chinese, and Beijing has sought for more than three years to contain their rise, while also promising to provide affordable housing.

Earlier measures to try to control prices have included restrictions on buying second and third homes, higher minimum downpayments and taxes in some cities on ownership of multiple homes.

A document pledging a series of reforms, issued after the Third Plenum meeting of Communist Party leaders in mid-November, hinted that a property tax might be expanded beyond its current two cities of Shanghai and Chongqing but did not give a timetable.