Property prices witness biggest increase in nine months

Property prices in China's 70 major cities grew 1 percent in July from a year earlier, the biggest increase in nine months, the National Development and Reform Commission (NDRC) said yesterday.

The growth rate is 0.8 percentage points quicker than the previous month, and the price is up 0.9 percent from June, the fifth-straight monthly again.

Although climbing property prices have fuelled concerns over a "bubble" in the sector, most industry insiders believe existing rates are still reasonable.