BEIJING: Chinese property prices in 70 cities rose 9.5 percent in January from a year earlier, up from 7.8 percent in December, the National Development and Reform Commission said Thursday Feb 11.

It was the eighth consecutive year-on-year rise after seven months of deaclines, adding to worries that a bubble in the property market was forming.

Compared with December, property prices rose 1.3 percent in January on a month-on-month basis, the commission said in a statement on its website, www.ndrc.gov.cn.

Beijing has repeatedly pledged to curb excessively fast real estate price rises in some cities by increasing the supply of affordable houses while clamping down on speculative purchases. - Reuters
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