House prices rise at fastest rate for 14 months

SHANGHAI: The cost of a home in China rose sharply in October, with the price surging up at its fastest rate for 14 months.

According to the National Bureau of Statistics (NBS), property prices in 70 Chinese mainland cities rose by an average of 3.9 percent when compared to their price last October.

Prices of homes in new residential buildings went up 4 percent on average in October year-on-year, while the cost of State-subsidized housing edged up by 0.6 percent. Prices of commercial residences climbed 4.4 percent and high-end housing went up by 1.5 percent.