Property prices in 70 Chinese cities rose by just 6.4% year-on-year in December, the slowest pace in 14 months, Bloomberg reported, citing China Information News. The slowing growth may be the result of a slew of recent regulations designed to cool what many perceive as an overheating market. The measures include a hike in interest rates in late December, a suspension of mortgages for third-home buyers and pledges to accelerate local trials of real estate taxes. However, China’s home prices continued to rise for 19 consecutive months in December, while real estate development investment rose 12% year-on-year during the month. Chinese Premier Wen Jiabao said in late December that previous attempts to dampen rising home prices had been ineffective, and that he hoped prices would come down to a "reasonable level" by 2012.