China home prices rise 0.3% m-o-m in July, fall on year

[ BEIJING] Average new home prices in China's 70 major cities rose 0.3 per cent in July from June, a third consecutive monthly rise, National Bureau of Statistics (NBS) data showed on Tuesday.

Compared with a year ago, home prices still fell 3.7 per cent in July, easing from the previous month's 4.9 per cent drop, Reuters calculated from NBS data.

The statistics bureau said new home prices in Beijing rose 1.0 per cent last month from a year earlier, compared with June's drop of 1.1 per cent.

Shanghai's home prices were up 3.1 per cent in July from a year ago, compared with a year-on-year rise of 0.3 per cent in June.

China's real estate investment growth continued to slow in the first seven months of 2015, but property sales and housing investment improved, indicating a mixed recovery in the struggling property market.

REUTERS