BEIJING: Average new home prices in China’s 70 major cities rose 12.3 percent in October from a year earlier, accelerating from an 11.2 percent increase in September, an official survey showed on Friday.
In comparison with a month earlier, home values rose 1.1 %, slowing from September’s 2.1 %, based on Reuters calculations from data issued by the National Bureau of Statistics (NBS).
Beijing, Shenzhen and Shanghai prices rose 31.7 percent, 31.1 percent and 27.5 percent, respectively, from a year earlier, but their monthly pace slowed significantly as tightening measures implemented by local governments took effect. Shenzhen prices fell .5 percent around the month.
Policymakers are now concerned that property mania will fuel price bubbles and risk a market crash, although china has depended on a surging real estate market and government stimulus to drive growth this year.More than 20 cities introduced restrictive policies in October intended to tame fast-rising prices, resulting in a sharp decline in product sales.