China’s Oct home prices rise 0.5% from previous month

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BEIJING, Nov 15 (Reuters) – China’s new home prices rose 0.5% in October month-on-month, in line with September’s growth, and marking the 54th straight month of gains, Reuters calculated from official National Bureau of Statistics (NBS) data on Friday.

On an annual basis, average new home prices in China’s 70 major cities rose 7.8% in October, down from 8.4% in September, and the slowest year-on-year pace since August last year.

A cooling economy and curbs on speculative buying have dented overall demand. Beijing has stepped up scrutiny of developers’ financing channels, and some local governments have also raised the bar for purchases, to quell speculation. (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes and Tom Hogue)

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