Tuesday November 10, 08:16 AM
China urban property prices strong in October
BEIJING (AFP) - Property prices in major Chinese cities picked up in October, government data showed Tuesday, as people scrambled to buy amid fears that tax breaks and other favourable policies may soon be withdrawn.
Prices of real estate in 70 medium and large cities in China rose 3.9 percent last month from a year earlier and 0.7 percent from September, the National Bureau of Statistics said in a statement on its website.
The index accelerated from a 2.8-percent on-year growth in September.
October marked the fifth successive year-on-year increase after the index slumped in the six months from December due to government attempts to rein in runaway prices and as the global economic crisis kicked in.
Beijing has introduced a series of measures in the past year, including tax breaks, to support the real estate sector, which accounts for more than 20 percent of urban fixed investments, a key driver of China's economic recovery.
But rumours have been circulating that the government might withdraw these policies at the end of the year due to concerns about asset bubbles and as the recovery of the world's third largest economy appears to be strengthening.
Data showed property sales across the country surged sharply after the October 1 national holiday, with Beijing leading the way with a 36.9-percent rise last month from September, according to Tuesday's China Business News.
The Chinese economy grew by 8.9 percent in the third quarter -- the fastest pace in a year -- after expanding by 7.9 percent in the second quarter and 6.1 percent in the first three months, the slowest pace in more than a decade.
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