China's new home prices picked up at a faster clip in November, offering further signs of a tentative recovery in the economically sensitive sector.
Overall, housing prices rose 0.9 percent on year in November, picking up from October's 0.1 percent tick up, according to Reuters calculations based on the official data. Home prices also rose 0.3 percent from a month earlier, up from October's 0.2 percent rise, according to Reuters calculations.
That was boosted by big jumps in tier-one cities, with Beijing new home prices rising 7.7 percent on-year and Shanghai's climbing 13.1 percent.
China's property sector is a closely watched barometer for the mainland economy. The sector makes up around 15 percent of the China's gross domestic product (GDP), so any slowdown has widespread implications for the greater economy.