Prices of 2nd-hand homes climbs for 7th month

BEIJING - Prices of second-hand homes in six major cities of China went up for the seventh consecutive month in October, according to Centaline Group research center data.

Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Chengdu recorded rising indices of resale house prices last month, data showed.

Of the six cities, Shanghai and Guangzhou saw the largest increases with the index up more than 1 percent month-on-month in October. This was driven by slowing supply growth, while prices in the other four cities climbed more moderately from the previous month, data showed.

Analysts attributed the mild growth in October to hesitance among potential buyers who have become more cautious as house prices have increased by ten percent from the beginning of the year.

Resale prices are predicted to continue with moderate growth in November following a pick-up of the market at the end of October, analysts said.