(NBS) The average prices for new homes in China’s major cities increased by 0.3% in July from the previous month, a slow growth compared to a 0.5% rise in June.
The growth in house prices was the slowest in six months as China intervened to slow down the property market.
On an annual basis, the average prices for new homes in China increased 4.6% in July, compared to 4.7% growth registered in June.
Price growth in the larger cities such as Beijing and Shanghai reportedly slowed to 0.4% in July from 0.7% in June.
The prices registered in small cities rose by 0.2% in July in contrast to a 0.3% increase in the previous month. Tier-two cities saw a 0.4% price increase, from a growth of 0.5% in June.
The regulators in the southern tech hub of Shenzhen had said that 2.155 billion yuan or $332.46 million worth of business loans were being used illegally to purchase homes.
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