House prices seen growing slowly in October

House prices in China's 100 major cities rose again in October, albeit at a very slow rate, marking the fifth consecutive rise this year, statistics from China Index Academy showed on Thursday.

The average price of new properties across the 100 cities increased 0.17 percent month-on-month, to 8,768 yuan ($1,391) per square meter last month, the same growth rate as September, and down from a 0.24 percent rise in August, said the academy.

Among the 100 cities, 56 saw a monthly price increase compared with 60 in September; 42 cities experienced a price drop, compared to 38 in the previous month.

Average new house prices in the country's top 10 cities, including Beijing and Shanghai, rose 0.33 percent on a monthly basis to 15,625 yuan per square meter. But the growth rate for pre-owned houses shrank significantly, with six seeing a price drop in October, compared with only one in September, according to the academy.