International News:Chinese home prices near 3-year high

BEIJING: China’s home prices rose the most in nearly three years last month, adding to the threat of a property bubble that is set to test government policymakers ahead of a key economic reform meeting due next month.

Average new home prices in 70 major cites climbed 9.1 per cent last month from a year ago.

The rises show that China’s attempts to balance controlling property prices without stifling one of the bright spots of growth in a slowing economy have not succeeded.

The focus now turns to whether the government will act at the ruling party’s plenum due next month.

– Reuters

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