China new-home prices surge at fastest pace since 2011
Monthly growth cools as prices in 70 cities rise 12.4% in Dec against 12.6% in Nov
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Beijing
PRICES of new homes in China grew last year at the fastest rate since 2011, but moderated enough in December to calm fears of a speculative bubble bursting with disastrous economic consequences. The price moderation will come as a relief to China's leaders as they wrestle with economic targets for 2017.
Sources have told Reuters that Beijing is prepared to accept a more modest growth target of 6.5 per cent this year as leaders tackle a mountain of debt built up over years of heavy official borrowing to fund stimulus campaigns.
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