Times Online is reporting that property prices in China rose 7.8% year-over-year in December – the fastest pace since 2008:
“Property prices across China’s 70 largest cities surged at their fastest pace since 2008 in December, stoking rising anxiety in Beijing that a speculative bubble may be forming and that Chinese banks may have issued more than £70 billion in new bank loans since January 1.
Residential and commercial property rose an average 7.8 per cent from a year earlier in December, according to data from the National Development and Reform Commission – far higher than the 5.7 per cent year-on-year rise in November and a number that disguises the more rabid clip of property price inflation in cities like Shanghai and Beijing.”