Housing prices in Chinese cities continued to rise in December: report

Potential homebuyers examine a property project model in Hangzhou, capital of Zhejiang province, Aug 31, 2014.[Photo/Xinhua]

BEIJING -- The average housing price in 100 benchmark Chinese cities grew by almost one percent month on month in December, marking the fifth year-on-year and month-on-month rise in 2015, according to a property research organization on Friday.

The average new housing price of 100 major Chinese cities stood at 10,980 yuan ($1,690.9) per square meter in December, up 0.74 percent compared with November, according to the China Index Academy.

A total of 51 cities saw month-on-month housing price growth in December, up 10 cities compared with November, and the number of cities suffering month-on-month housing price drops decreased from 56 in November to 45 in December.

Housing prices in China are expected to grow steadily in 2016, while divergence between bigger and smaller cities will continue, according to another report from the research institution.

China is expected to roll out measures to reduce its property inventory and stabilize its ailing housing market. Property developers will also be encouraged to change marketing rules and "properly" reduce home prices.