Property prices in China's 70 large- and medium-sized cities rose 5.4 per cent in October, 0.1 percentage points higher than August's rise, the National Development and Reform Commission (NDRC) said in a statement yesterday.

The sales prices of high-end and ordinary residential buildings saw year-on-year rises of 7.7 per cent and 6.4 per cent, up 0.7 and 0.1 percentage points compared to last month.

Beijing witnessed the biggest price rise, with year-on-year growth of 10.7 per cent, while Shanghai saw its prices drop 0.6 per cent compared to the same period last year.

Influenced by a government rule restricting foreign investment in the real estate sector, the number of transactions involving foreign institutional investors declined recently, according to a report by US-based consulting firm CB Richard Ellis (CBRE).

"Some overseas investors are expected to remain on the sidelines and wait for a clear direction to emerge against the backdrop of present policy uncertainties," said Ray Huang, a researcher with CBRE's Investment Properties Department.

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