Housing price growth in key cities slows for ninth month

The growth of home prices in China's key cities slowed for nine consecutive months to end of June, with prices in the capital actually falling, as the country's moves to cool the residential housing market continued to gain traction, according to official data.

The National Bureau of Statistics reported that average home prices in Beijing fell for the first time in more than two years in June. It said Shanghai prices declined 0.2 percent month-on-month, while Shenzhen home prices stalled in June, and Guangzhou's grew 0.5 percent, which was lower than the 0.9 percent gain in May.

"China's 15 hottest property markets, mostly first and second-tier cities, remained stable in June as a city-based property policy continued to take effect," the NBS said in a statement accompanying the data.