China new home prices rise 4.9% on year in March

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China's home prices in China's 70 major cities gained for the sixth consecutive month in March from a year earlier, up 4.9 percent, an official survey showed on Monday.

The growth picked up from a rise of 3.6 percent in February. Compared to February, March prices were up 1.1 percent.

The southern city of Shenzhen continued to be the top performer with home prices rising 61.6 percent from a year ago, followed by Shanghai with 25 percent gain.

Prices in the two cities were up 3.7 percent and 3.6 percent respectively from a month earlier.

China's housing market bottomed out in the second half of 2015 on a slew of government support measures, but a strong rebound in prices in the biggest cities has sparked concerns that some markets may be overheating, driving local authorities to tightening purchasing rules in late March.

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