China’s property prices rose by a record 12.8% in April from a year earlier, defying government measures to stem gains and cool speculation.

The increase, which was posted on the National Bureau of Statistics website, topped an 11.7% jump in March that was the highest since the survey of residential and commercial prices in 70 cities started in 2005.

China has restricted pre-sales by developers, curbed loans for third-home purchases and on May 2 raised banks’ minimum reserve requirements for the third time this year. The government is trying to peel back the effects of a stimulus plan and $1.4tr lending binge that revived economic growth while raising the risk of asset bubbles.