China major cities’ property prices continue to rise in Oct.


BEIJING–Property prices in China’s major cities posted their second straight month-on-month rise in October despite Beijing’s attempts to rein in the soaring real estate market. Prices in 70 major cities were up 0.2 percent in last month from September and were 8.6 percent higher than October last year, the National Bureau of Statistics said in a statement on its website. The increase comes after prices gained 0.5 percent on month in September, which was the first increase since May. It was the sixth straight month of slower year-on-year growth since April, when prices had surged 12.8 percent, the biggest annual rise since July 2005, when the survey expanded to 70 cities from 35. Beijing has adopted a slew of tightening steps since April to cap real estate prices and prevent an asset bubble. The State Council, or cabinet, in late September ordered banks not to provide loans for third home purchases and said down-payments on all property transactions would have to be at least 30 percent. It also called for a trial reform of the property tax in some cities to be sped up and gradually expanded across the country.