Moody's upbeat on home sales

Sales of residential property in China will likely improve in the second half of this year, the global ratings agency Moody's Investors Service said on Tuesday.

On a 12-month trailing basis, the total contracted sales value for China's residential property market grew by 4.4 percent year-on-year in June, the slowest pace since November 2012.

"We expect such contracted sales growth will continue to range between 0 percent and 5 percent year-on-year for the rest of this year," said Franco Leung, a Moody's vice-president and senior analyst.