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China home prices rise for fifth straight month in October

Published on Nov 1, 2012 8:07 PM

BEIJING (REUTERS) - Average home prices in China's 100 biggest cities edged up for a fifth straight month in October, a private survey showed, adding to evidence of a mild recovery in the property market and frustrating government efforts to temper steep prices.

Average home prices rose 0.2 per cent to 8,768 yuan (S$1,712) per sq m last month, keeping pace with September's increase, the China Real Estate Index System (Creis) said on Thursday.

A steady rise in home prices will renew concerns about property inflation and may prompt Beijing to further tighten property controls after its once-a-decade leadership change that starts on Thursday.

Property prices have perked up in recent months as Beijing lowered interest rates twice to shore up economic growth. Some local Chinese governments have also relaxed property market restrictions to boost home sales.

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