The price of apartments in Guangzhou jumped 13.1 percent in October from September, to an average of 5,597 yuan (US$693) a square meter, China Business News reported today, citing the local property authority.

From the beginning of this year, residential prices in Guangzhou have risen steadily. But in October, prices were 647 yuan a square meter higher than in September.

Salesmen of suburban low-priced buildings said buyers from other cities are increasing.

An official of the local property administration said speculation in real estate in Guangzhou is risky.

But there is no evidence investors are raising prices deliberately, the official said.

(Shanghai Daily December 2, 2005)