China’s property price rise slows

China´s real estate price rise continued to slow its pace in June, according to statistics released by the country´s top economic planning organ. Property prices in 70 major cities increased by 8.2 per cent in June from the same month last year, one percentage point slower than in May, said the National Development and Reform Commission in a bulletin on its website.

Market analysts attributed the slowdown to the government´s efforts in tightening lending rates and mortgage requirements to control duplicated construction, curb excessive investments, and rein in surging property prices.

Prices of new houses rose 9.2 per cent from that in last June, one percentage point lower than in May. The price increase for second hand houses slowed to 7.5 per cent in June from 8.8 per cent in May.

Non-residential houses saw their prices increase by 5.6 per cent in June from the same month last year, 0.9 percentage point lower than in May.

New house prices in northwestern Urumqi, southern Haikou, eastern Ningbo, Hangzhou, and Beijing rose by 20.2 per cent, 18.1 per cent, 14.7 per cent, 13.3 per cent, and 14.3 per cent, respectively, compared with the same month last year.