China home prices jump, led by Guangzhou, Shenzhen

Oct new home prices in 4 major cities soar by up to 21%, raising fears of a bubble

Published Mon, Nov 18, 2013 · 10:00 PM
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[BEIJING] New home prices in China's four major cities rose the most since January 2011, raising concerns of a bubble as home buyers were emboldened by a lack of new nationwide property curbs.

New home prices in October jumped 21 per cent from a year earlier in the southern city of Guangzhou and 20 per cent in nearby Shenzhen, 18 per cent in Shanghai and 16 per cent in Beijing, the National Bureau of Statistics said in a statement yesterday. Prices rose in 69 of the 70 cities tracked by the government.

Shenzhen and Shanghai this month raised minimum down payments for second homes to 70 per cent, following a similar move by Beijing in March, as local authorities struggle to contain price gains. Housing sales jumped 33 per cent in the first 10 months of this year as Premier Li Keqiang refrained from adding new nationwide restrictions that would hurt economic growth.

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