BEIJING, March 15 (Reuters) – New home prices in China rose at a faster pace in February, data showed on Monday, as government cooling measures were largely eclipsed by red-hot demand for property in some major cities.<\/p>\n
Average new home prices in 70 major cities grew 0.4% in February from a month earlier, quickening slightly from a 0.3% gain in January, according to Reuters calculations based on data released by the National Bureau of Statistics.<\/p>\n
On a year-on-year basis, new home prices rose 4.3%, faster than a 3.9% rise in January.<\/p>\n
China\u2019s property prices have soared in major cities in recent months, raising concerns about speculative bubbles and prompting a series of regulatory steps to rein in the red-hot market.<\/p>\n