China's property prices rise in March

Chinese property prices rose at the fastest pace in nearly five years in March, official data showed Wednesday, amid growing fears of a bubble developing in the real estate market.

Prices in 70 major cities rose 11.7 percent year-on-year in March, the National Bureau of Statistics said on its website, marking the biggest on-year increase for a single month since the survey was widened in July 2005.

The statistics bureau had previously collected data on 35 major cities.That topped the 10.7 percent increase in residential and commercial property prices recorded in February and the 9.5 percent jump in January.

Policymakers have pledged to step up efforts to rein in runaway prices amid growing complaints that apartment prices are out of reach for many people.

By AFP