Tough measures rid property market of speculation fever

BEIJING - China's property market is expected to cool in the fourth quarter as real estate investment growth faltered, monthly property sales value dropped and home prices declined in hot spot cities, economists said.

The property market remained stable in October, with new residential housing prices seeing slower growth year-on-year in 13 of the 15 major cities considered the hottest markets, including Beijing, data from the National Bureau of Statistics showed.

"The investment and speculation fever in the country's property market has been dampened this year by a new round of cooling measures," said Yan Yuejin, senior researcher with the E-house China R&D Institute.