November 30, 2017 / 3:17 AM / a year ago

Hong Kong private home prices hit record high for 12th straight month

HONG KONG, Nov 30 (Reuters) - Hong Kong private home prices edged up for the 12th straight month in October, extending a record-breaking run of consecutive monthly gains and adding to home ownership constraints in one of the world’s most expensive property markets.

Private home prices in October rose 0.53 percent from September, according to an index compiled by the Rating and Valuation Department released on Thursday. The index climbed 12.5 percent year-on-year.

Reining in sky-rocketing property prices, which have been shooting up since April 2016 partly due to a supply and demand imbalance, is a priority for the city’s government, which has pledged to increase land supply where possible. (Reporting by Venus Wu; Editing by Sam Holmes)

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