Home prices still rising in major cities

Some top-tier cities are likely to miss targets set at the beginning of the year to stabilize home prices, as prices in China's 100 major cities continued to rise in October, a survey showed on Friday.

Despite government measures to tame runaway home prices and prevent housing inflation from eroding residents' spending power and living quality, prices have not shown any sign of a downward correction, according to a report from the China Index Academy, the research arm of SouFun Holdings Ltd, the owner of the nation's biggest real estate website.

In October, the average price of new homes in China's 100 major cities stood at 10,685 yuan ($1,741) per square meter, up 1.24 percent month-on-month and rising for 17 consecutive months since June 2012.