China's new home prices rise at record pace

Tomohiro Ohsumi | Bloomberg | Getty Images

China'a new home prices rose at a record pace in October, even as the country's leadership unveiled new measures on Friday aimed at stabilizing the red-hot property market.

New home prices rose 9.6 percent in the month from a year earlier, the highest jump since records began in January 2011, according to Reuters calculations of data from China's National Bureau of Statistics on Monday. This compares to a 9.1 percent year on year increase in September.

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69 out of 70 cities across the mainland showed year-on-year rises.

Key cities that recorded that biggest increase included Guangzhou and Shenzhen, where prices rose 21 percent and 20 percent, respectively. New home prices in Shanghai rose 17.8 percent, while those in Beijing climbed 16.4 percent.

Home prices in China have continued to set records despite a campaign by the government in recent years to cool the market. There are concerns over the risk of social unrest if housing becomes unaffordable.

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As part of the leadership's bold reforms announced on Friday, the government pledged to push forward property tax legislation and allow farmed to sell their land more freely.

After an initial pullback on the news, shares of Chinese developers rallied Monday, with Vanke up 1.5 percent at mid-day.

- Reuters contributed to this report.