Property price growth hits two-year low

Property prices in China's 70 large and medium-sized cities rose 1.6 percent year-on-year in October, the lowest growth rate since 2006, the National Development and Reform Commission (NDRC) said yesterday.

Shenzhen, with a price drop of 15 percent year-on-year for new residential housing and 17.4 percent for pre-owned housing, saw the biggest decrease in the country.

Property prices in Beijing and Shanghai experienced declines of 0.2 and 0.4 percent compared to September, but still maintained positive year-on-year growth of 5.2 and 0.4 percent respectively.