China’s property prices rose at the second-fastest pace on record in May, showing little sign yet that the government crackdown on speculation will work to avert an asset-price bubble. The 12.4 percent gain compared with a record 12.8 percent increase in April from a year earlier. The residential and commercial price data for 70 cities was released today in statement in the National Bureau of Statistics newspaper. The data series began in 2005.
Officials may introduce a trial property tax after already tightening sales rules for developers, raising some down payment requirements and restricting loans for multiple-home buyers, according to state media. China’s benchmark stock index is down 21 percent this year on concern a slowdown in property sales and construction, along with Europe’s debt crisis, will damp the nation’s growth. (more)
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