China home prices snap three-month drop

Bloomberg

Chinese home prices rose in more cities in October, snapping a three-month decline, a sign the market is stabilising amid government efforts to curb property speculation. New-home prices, excluding state-subsidised housing, climbed in 50 of the 70 cities tracked by the government, compared with 44 in September, the National Bureau of Statistics said.
Prices fell in 14 cities from the previous month. The moderate gains show China is having some success in its bid to rein in the buoyant property market without forcing a sharp deceleration. Prices had been coming off after the government imposed restrictions on purchases earlier in the year. Giving support to that campaign, President Xi Jinping used his speech to the twice-a-decade Communist Party congress to say that homes are meant “to be inhabited, not for speculation.”