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China's June home prices rise 0.6% from May

China's June home prices rise 0.6% from May
FILE PHOTO: A worker stands on the scaffolding at a construction site against a backdrop of residential buildings in Huaian, Jiangsu province, China October 18, 2018. REUTERS/Stringer/File Photo   -   Copyright  China Stringer Network(Reuters)
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BEIJING (Reuters) – China’s new home prices grew 0.6% month-on-month in June, slowing from a 0.7% uptick in May, Reuters calculated from official National Bureau of Statistics (NBS) data on Monday.

On a yearly basis, average new home prices in China’s 70 major cities rose 10.3% in June, compared with a 10.7% gain in May.

A slew of government curbs and a slowing economy have weighed on the property market, but renewed fears that prices may heat up due to looser credit conditions have prompted policymakers to recently clamp down on speculative buying.

Beijing has tightened the screws over property developers’ financing channels while some local governments have also raised the bar for purchases to prevent speculation.

(Reporting by Roxanne Liu and Beijing Newsroom; Editing by Jacqueline Wong)

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