China's property price growth was at its slowest in 10 months in October, after the government expanded measures such as raising interest rates to limit the risk of a property bubble.

Property prices in 70 cities rose 8.6% from the same month last year, lower than the 9.1% increase in September. Price gains slowed to 0.2% in October after rising 0.5% in September.

However, the government measures, which include suspending mortgages for third-home purchases, may not cool rising prices enough. Only eight of the 70 monitored cities recorded price drops in October.

Sales volume fell 11% in October from September, and the value of transactions fell 7.7%. China's property investment rose 37% in October from the same month last year to $69 billion.

There is a chance that the government will add more measures in the last months of the year, such as a property tax that some experts think might cause house prices to drop by 15 to 20%.

Source: Bloomberg