The National Bureau of Statistics says home prices in 70 major Chinese cities rose at a slower pace in October. Average new home prices rose 12.3 percent in October from a year earlier, accelerating from an 11.2 percent increase in September. But compared with a month earlier, home prices rose 1.1 percent, slowing from September's 2.1 percent. Tightening measures are taking effect in first tier cities. Shenzhen prices fell half a percent.

Analysts say housing prices will continue to be under control. A sharp decline in sales volume has been witnessed as a fresh batch of more than 20 cities introduced restrictive policies in October.