China's housing prices grow slower in June

Updated: 2010-07-12 11:15
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 BEIJING - Housing prices in major Chinese cities rose 11.4 percent year-on-year in June, one percentage point lower than the increase in May, the National Bureau of Statistics (NBS) said Monday.

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This was the second consecutive month that China's property prices grew at a slower pace. Property prices in the 70 large and medium-sized cities grew 12.4 percent in May, 0.4 percentage points lower than that of April.

On a monthly basis, June property prices in these cities fell 0.1 percent compared to the month before, the NBS said.

New home prices rose 14.1 percent year-on-year in June, down one percentage point from May. Prices of second-hand homes gained 7.7 percent last month, compared with an increase of 9.2 percent in May.

The Chinese government started a campaign in April to rein in soaring house prices, including tightened scrutiny of developers' financing, limited loans for third-home purchases, and higher down-payment requirements for second-home purchases.