Shanghai rises slightly

SHANGHAI: Property prices in the city rose 1.2 percent year-on-year in June, much lower than the average of 7.1 percent in the nation's 70 large- and medium-sized cities.

But industry analysts said the rate of increase, though small compared with double-digit jumps in Shenzhen, Beijing and other cities, was the fifth consecutive monthly rise since housing prices in Shanghai rebounded in February, indicating a sustained recovery in one of the world's hottest property markets.

Because of mild increases after a big decline early this year, "the prices of completed properties, as well as properties in the construction stage, have now come within investors' scope of consideration", said Lina Wong, managing director of Colliers International, a leading international real estate services firm.