Property prices in 70 cities up 11.7%

Property prices in 70 Chinese major cities rose 11.7 percent in March from a year earlier, up from 10.7 percent in the year to February. The National Bureau of Statistics says it's the tenth consecutive year-on-year rise after seven months of decline.

This adds to worries that a bubble in the housing market is swelling. Many analysts say the way the index is compiled seriously understates the degree of property inflation. Investment in real estate in the first three months increased 35 percent compared with the same period last year. China has repeatedly pledged to curb excessively fast real estate price rises in some cities by increasing the supply of affordable houses while clamping down on speculative purchases.