China’s new home prices rise 1.1% m/m in July

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BEIJING: China’s new home prices rose 1.1 percent in July from a month earlier, faster than the increase of 1 percent in June, Reuters calculated from National Bureau of Statistics (NBS) data published on Wednesday.

That marks the 39th straight month of price increases, according to Reuters calculations.

On a year-on-year basis, average new home prices in China’s 70 major cities increased 5.8% in July, quickening from a 5.0% gain in June.

China’s property market has been heating up, despite tighter curbs designed to rein in a more-than-two-year real estate boom.

China said in late June that it would renew its crackdown on property irregularities in 30 major cities this year, prompting several local governments to announce new rules to limit companies from purchases.

(Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)

Source: Reuters