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China May Home Prices Rise as Major Cities Post Record Gains

China’s new home prices rose in almost all cities in May, led by major centers, as the government’s latest property measures failed to deter buyers.

Prices climbed from a year earlier in 69 of the 70 cities tracked by the government, the most since August 2011, the National Bureau of Statistics said in a statement today. The southern business city of Guangzhou posted the biggest gain with prices rising 15 percent from a year earlier. Beijing prices climbed 12 percent, while they advanced 10 percent in Shanghai. All three cities had their biggest increase since the government changed its methodology for the data in January 2011.