Real estate prices in China’s major cities rose for the second straight month in October, despite the central government’s efforts to rein in the soaring market with cooling measures.
The National Bureau of Statistics said in a statement on its website that prices in 70 major cities were up 0.2. per cent from September to October 2010 and up 8.6 per cent from October 2009. Prices increased 0.5 per cent on month in Septembet, the first increase since May.
Some of the tightening measures adopted by Beijing since April include ordering banks not to provide loans for third home purchases, enforcing 30 per cent down payments on all property transactions, and calling for a trial reform and expansion of property taxes.
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