Shanghai’s average housing price grew 7.9% year-on-year in October, two percentage points faster than in September, the Oriental Morning Post reported, citing figures from the Shanghai Statistics Bureau. From January through October, investment in the city’s property market declined 3.3% year-on-year to US$14.6 billion (RMB108.4 billion), and fixed-asset investment was up 8.1% year-on-year to US$47.4 billion (RMB354.0 billion), fuelled largely by public works. Revised guidelines restricting foreign investment in the real estate sector will take effect on December 1. Housing prices in mainland China’s 70 major cities rose 9.5% year-on-year in October, outpacing September’s 8.9% climb, figures released by the National Development and Reform Commission Tuesday showed.

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