Price rises for new Chinese homes slow in July
Official figures show fewer cities saw prices rise in the month compared with June. Shanghai sees 1.4pc growth, against 2.4pc the previous month
Price rises for new homes slowed in Chinese cities for the third consecutive month in July, as a market rally in the first half lost momentum and several second-tier city authorities imposed tightened buying conditions.
Of the 70 cities surveyed in the month, 51 saw new home prices climb month on month, down from 55 in the previous month, the National Bureau of Statistics (NBS) said on Thursday.
Sixteen cities saw new prices decline month on month, up from 10 in June.
In Shanghai prices rose 1.4 per cent, down from 2.4 per cent in June, while in Beijing prices advanced 1.7 per cent, cooling off from a 2.3 per cent gain in June.
The fastest monthly expansion occurred in Xiamen, where prices gained 4.6 per cent.
“First-tier cities saw narrowed growth, as did a few second-tier cities that had previously seen excessive price growth,” said Liu Jianwei, an economist at the NBS.
Both trends followed a cooling down of investment and sales in July.