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Urban property prices spike in December

CHINA'S urban property prices rose in December by the most in 18 months as a supply shortage coupled with growing speculation led to a price surge.

Housing prices in 70 major cities jumped 7.8 percent last month, the biggest annual increase since July 2008, the National Development and Reform Commission, the country's top economic planner, said today on its Website.

The December growth was the seventh gain in a row since June, when property prices in the 70 cities started to register growth following six straight months of decline.

On a month-to-month basis, property prices in December advanced 1.5 percent nationwide, the 10th consecutive gain.

Across the country, price of new and existing homes jumped 9.1 percent and 6.8 percent year-on-year in December, accelerating from the growth of 6.2 percent and 5.5 percent in November.

In Shanghai, property prices rose 7.4 percent last month from a year earlier and on a month-over-month basis, a 1.3 percent gain was recorded, the commission said.

The government has moved to curb speculation by ordering more affordable homes to be built for ordinary workers, and increasing downpayments for second homes to 40 percent.


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