* December new home prices up 0.1% m/m vs 0.1% in November * December new home prices up 3.8% y/y vs 4.0% in November * 42 out of 70 cities reported higher prices, vs 36 in November (Adds analysts’ quotes, forecast) BEIJING, Jan 15 (Reuters) - China’s new homes prices grew moderately in December, official data showed on Friday, as government measures aimed at cooling the property market took their toll. Average new home prices in 70 major cities rose 0.1% month-on-month in December, according to Reuters calculations of data from the National Bureau of Statistics. The pace of growth was unchanged from November. New home prices rose 3.8% in December versus a year earlier, slowing slightly from a 4.0% increase in November. China’s property market has recovered quickly from the COVID-19 pandemic thanks to local governments’ relaxation on price ceilings and urban-residency permits, while access to mortgages has also become easier. But the sharp rebound has raised concerns about financial risk, with the government stepping up efforts to deleverage a highly indebted sector since the second half of last year. Regulators outlined borrowing caps known as “the three red lines” in August, followed by the central bank in December, which introduced caps on property loans issued by banks. The NBS data also showed the number of cities reporting monthly price increases for new homes rose to 42 out of 70 from 36 in November. UNEVEN HOUSING MARKET Monthly gains were driven by price rises in tier-1 cities, including Beijing, Shanghai, Guangzhou and Shenzhen, underscoring the deepening disparity in the market. New home prices rose 0.3% in tier-1 cities and second-hand home prices gained 0.6%. Zhang Dawei, an analyst with property agency Centaline, said an influx of population, which is common for big cities, growing speculative purchases and tight new home supply all contributed to the price gains in tier-1 cities. He expected those cities to lead home price growth in China in the first quarter of 2021. China saw uneven growth in home prices in 2020 as the wealthy made the most of easy credit during the coronavirus pandemic to buy property in eastern and southern coastal cities, while smaller cities grappled with an exodus of people and struggling local economies. Yangzhou city in the eastern Yangtze River Delta led monthly price growth in December, with home prices rising 0.8%, the NBS data showed. Xu Xiaole, analyst at Beike Research Institute, said price rises will concentrate in core cities in 2021, with some cities likely to face relatively “huge” price pressures. “We expect property policies to be more hawkish (in 2021) in light of strong growth rebound and more focus on risk control, with tougher rules on developers’ financing and property-related credit persisting and some overheating cities tightening home purchase rules,” economists at UBS said. (Reporting by Lusha Zhang, Liangping Gao and Ryan Woo; Editing by Ana Nicolaci da Costa)