Property market continues to cool as summer slack sets in

China's buoyant property market showed further signs of cooling down, according to official data which were released on Friday.

Data published by the National Bureau of Statistics showed that the pace of price growth of new homes in 15 key cities across China continued to slow in July, and second and third-tier cities showed a clear decline in price growth.

Liu Jianwei, senior statistician at the NBS, said that looking at the overall picture, home prices in first-tier cities were stable, while price growth in lower-tier cities slowed down obviously in July.