House Price Falls Broadened In November

China's Nov home sale prices were -0.37% m/m, very close to October's -0.38% (BBG). New home prices in y/y terms were -0.7%, versus -0.6% in Oct (BBG).

• The number of cities were there was a fall in new home prices (in m/m terms) was 59, versus 56 in Oct. Only 9 cities recovered a rise in new home prices (versus 11 in Oct). For existing homes, 69 cities saw a decline in existing home prices (67 in Oct).
• By major city, Shanghai was the only bright spot, seeing a 0.6%m/m rise in new home prices, while Beijing and Shenzhen saw falls. All of these cities saw a fall in existing home sale prices in m/m terms.
• Housing developments will remain a key focus point. We had easing restrictions for first home buyers in Beijing and Shanghai announced yesterday.
• Coming up soon we get Nov activity data, along with property investment/sales updates.
• The 1yr MLF was held steady at 2.50% but the net injection was noticeably stronger at 800bn Yuan.