Home prices in China's major cities continue to climb--according to data from the National Bureau of Statistics . 65 out of 70 posted a month-on-month rise in new home prices in October. But the pace of rises last month-- 0.6% eased from the 0.7% in September.
Big cities like Beijing, Shanghai, Guangzhou and Shenzhen recorded price jumps--17.8 percent for Shanghai, and 16.4 percent in Beijing. Over 20% for Guangzhou and Shenzhen. Wenzhou was the only city with a price drop -- 1.5 percent.
As part of China's reform plans, legislation for property tax will be rolled out and there will be changes to make it easier for farmers to sell their land, which should ease the demand supply issues in the market.
Source: CCTV
