China Nov housing inflation eases as tightening bites

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BEIJING, Dec 18 (Reuters): China's November housing inflation eased to its lowest level in the year, a victory for Beijing's campaign to ward off property bubbles as it steadily loosens monetary policy to ensure a soft landing in the world's second-largest economy. Average new home prices rose 2.2 per cent in November from a year ago, the weakest monthly rise so far in 2011, according to a calculations of latest official data published Sunday. Home price inflation was 2.8 per cent in October. The National Bureau of Statistics (NBS), which tracks home prices in 70 major cities, stopped providing a nationwide home price index in January. The falling home price, in tandem with a sharp ease in China's consumer inflation in November from July's three-year peak, enables Beijing to tilt its policies more towards safeguarding economic growth, away from its top priority of calming inflation just a few months ago. The NBS said new home prices rose 1.3 per cent in Beijing in November from a year ago and were up 2.4 per cent in Shanghai, down from a rise of 1.7 percent and 2.9 percent respectively in October.