Chinese housing sector continues to sizzle

|By:, SA News Editor

Prices for new homes in first-tier Chinese cities climbed over 15% in December, highlighting the failure of local property restrictions to cool the sector.

Valuations jumped 20% on year in the southern business hubs of Guangzhou and Shenzhen, 18% in Shanghai and 16% in Beijing.

Prices increased in 69 of the 70 cities tracked by the government.

Meanwhile, Shanghai has set a growth target of 7.5% for this year vs an expansion of 7.7% in 2013, with the city looking to its new free-trade zone to help boost its economy. Shanghai's goal is the same as last year, although at least nine Chinese provinces have cut their targets.

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