China's new home prices rise 0.2% m-o-m in October

[BEIJING] Chinese new home prices grew at a slower monthly pace in October, data showed on Monday, with some big cities having rolled out measures like bans on sales or purchases to try to cool the market.

Average new home prices in 70 major cities rose 0.2 per cent in October from a month earlier, down from September's 0.4 per cent growth, according to Reuters calculations based on data released by the National Bureau of Statistics.

Compared with the same month a year earlier, home prices rose 4.3 per cent in October, easing slightly from September's 4.6 per cent growth.

The property market has been a major driver in China's economic recovery, with home sales and investment growing at a robust pace in recent months after imposed to curb the spread of the coronavirus were lifted.

But policymakers are concerned about the risks of speculation and overheating. Regulators have rolled out a raft of rules to prevent sharp price rises in many cities.

REUTERS