China property prices push toward 10% yoy growth

Property prices in China climbed 9.9% year-on-year in November, the fastest rate of increase in 2013, Financial Times reported, citing data from China’s National Bureau of Statistics released on Wednesday. The data, compiled from 70 different cities, saw prices rise in 69 of the cities, with monthly gains in 66 of the cities. China’s largest cities, Shanghai and Beijing, showed the largest gains where house prices were up 18.2% and 16.3%, respectively. The government is trying to cool the property market but is also trying to encourage economic growth and bank lending, which keeps it hot. Prices increased by 9.6% in October.