China home prices rise

China home prices rise
19/11/2016 , by , in INTERNATIONAL

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.

Shenzhen, Shanghai and Beijing 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 0.5 percent on the month.

China has depended on a surging real estate market and government stimulus to drive growth this year, but policymakers are now concerned that property mania will fuel price bubbles and risk a market crash.

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