Property prices rise 5.7% in November

Property prices in 70 large and medium-sized cities rose 5.7% year-on-year in November, up from a 3.9% rise in October, the Wall Street Journal reported, citing new data from the National Bureau of Statistics (NBS). The numbers showed property prices rose at their fastest pace since July 2008, and deepened concerns that the property sector is facing a market bubble. The data come a day after the State Council strengthened tax rules on property purchases, increasing the period in which homeowners are liable for tax should they sell their properties. The NBS said real estate investment grew 17.8% to US$458.5 billion between January and November compared to the same period a year ago; total sales nationwide were up 53% in the first 11 months to 752 million square meters.