China home prices continue to rise in October but monthly growth slows

Beijing

CHINA'S new home prices grew in October at the fastest rate since record-keeping began in 2011, despite a significant slump in property sales volume as local governments stepped up measures to cool skyrocketing prices.

Monthly growth slowed in most of China's first- and second-tier cities, with Shenzhen prices dropping 0.5 per cent, the first fall since October 2014, suggesting restrictions in the hottest markets to curb speculative buying are starting to bite.