Property prices in China's major cities posted their fourth straight month-on-month rise in December and sales picked up pace, data showed Monday, despite official efforts to cool the market. Prices in 70 major cities were up 0.3 percent last month from November and were 6.4 percent higher than a year ago, the National Bureau of Statistics said in a statement.
The month-on-month gain in November was also 0.3 percent. The annualised surge peaked in April, when prices soared 12.8 percent, but growth has slowed since then. The central bank has also raised interest rates twice since October and on Friday it increased the amount of money banks must keep in reserve in a bid to curb lending - following six such moves last year. Sales in terms of floor space rose 10.1 percent to 1.04 billion square metres (11.23 billion square feet) in 2010, the statement said, without specifying the monthly figure for December.
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