Chinese house price growth slows in October

Home prices in China showed tentative signs of cooling in October as policymakers try to rein in torrid price gains that some observers worry already augur poorly for the economy´s medium-term prospects.

In September, new home prices in China´s 70 largest cities rose by 1.8% month-on-month, with gains observed in 63 of those, down from 64 in August.

Prices fell in six cities in September versus four in August.

From a year earlier, price gains accelerated to a pace of 11.2% from 9.2% in the prior month.

Prices in Beijing were up by 4.9% month-on-month in September and ahead by 30.4% in year-on-year terms.

Shanghai saw prices advance by 3.2% over the month and by 39.5% when compared to a year ago.

However, during the first weeks of October prices fell by 3.7% in Beijing and by another 2.5% in Shanghai, according to the National Bureau of Statistics.

Thus far, local governments in at least 21 cities had introduced measures designed to curb house price inflation, such as by increasing the minimum amount of down-payments or imposing limits on the ownership of multiple homes.