House price boom continues in China

House prices may be in turmoil in the West, but China’s record boom rose sharply again last month despite government efforts to cool it, figures released today show.

Communist leaders have been trying for three years to halt a boom in housing costs that they worry could ignite a backlash if the poor are priced out of the market. But credit limits and curbs meant to discourage speculation and increase the supply of low-cost housing have failed to slow price rises.