Home prices in large Chinese cities hit fresh highs in Oct

BEIJING: China’s plans to stabilise its runaway property market face a stiff challenge after home prices surged to fresh record highs in October, with the measures likely to take a few years to have their desired impact.

Home prices in large Chinese cities have continued to set records despite a four-year long government campaign to cool the market, adding to the threat of a price bubble and social unrest as housing becomes increasingly unaffordable.