Luxury housing sales rise in Beijing (3)

New home prices in major cities continued to rise month on month for a sixth consecutive month in November, according to a report from the China Index Academy.

New home prices in 10 first-tier cities, including Beijing and Shanghai, also climbed 0.39 percent in November from October, marking a year-on-year rise for the first time in 2012, data from the report showed.

The pick-up in the property market came after the country's central bank twice cut interest rates, as well as easing banks' reserve requirements earlier this year.

Among this round of recovery, luxury housing attracted particularly strong demand because enterprises tend to make safer investments and put their money into villas that hold value, as the real economy is taking the brunt of a global slowdown, said a deputy manager from Yahao Real Estate.

December may see a further rise in sales of upscale housing, industry insiders predicted.

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