China Oct new home prices cool, property investment accelerates

BEIJING: Chinese new home prices grew at a slower monthly pace in October, data showed on Monday, as many developers moved to cut prices to promote sales amid tighter government scrutiny on borrowing.

Average new home prices in 70 major cities rose 0.2% in October from a month earlier, the slowest monthly growth rate since March and down from September's 0.4% growth, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS).