BEIJING – The price of new housing increased in 50 of 70 major Chinese cities in October compared to September, China’s National Bureau of Statistics said on Saturday.
October’s increased prices follows consecutive months of slowing growth, which had been attributed to “targeted regulation policies,” the NBS said.
The number of cities with rising real estate prices has grown after three months of decline, a trend which experts say points to the market stabilizing despite government measures to combat speculation, which have not brought down prices or sales.
The continued growth is the latest evidence of a boom which has boosted the economy, while also leading to fears that the property bubble may soon burst.
Since the end of 2016, local governments in several Chinese cities have approved or expanded restrictions on house purchases, including an increase in minimum down-payment amounts.
Financial institutions were also forced to make stricter loan application reviews, curb mortgage loans and increase mortgage interest rates.