BEIJING (REUTERS) - Average new home prices in China's 70 major cities rose 9.9 per cent last month from a year earlier, a fresh record growth rate, according to Reuters calculations based on official data published on Wednesday.

In month-on-month terms, prices rose 0.5 per cent last month, slowing from October's rise of 0.6 per cent.

The National Bureau of Statistics said new home prices in Beijing rose 16.3 per cent last month from a year earlier, compared with October's year-on-year increase of 16.4 per cent. Shanghai prices were up 18.2 per cent last month from a year ago, versus a 17.8 per cent annual growth in October.

China still faces record home prices despite government measures to calm the market, in large part due to a strong view that property remains one of the best investment options and also to local government land sales for much-needed revenues.