China home prices rise
Average new home prices in China's 70 major cities rose 12.3 percent in October from a year earlier, accelerating from an 11.2 percent increase in September, an official survey showed. Shenzhen, Shanghai and Beijing prices rose 31.7 percent, 31.1 percent and 27.5 percent, respectively, from a year earlier, but their monthly pace slowed significantly as tightening measures implemented by local governments took effect. Shenzhen prices fell 0.5 percent on the month. China has depended on a surging real estate market and government stimulus to drive growth this year, but policymakers are now concerned that property mania will fuel price bubbles and risk a market crash.
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