China home prices rise 0.4% m-o-m in June

[BEIJING] Average new home prices in China's 70 major cities rose 0.4 per cent in June from May, a second consecutive monthly rise, according to Reuters calculations from official data published on Saturday.

In May, prices increased 0.2 per cent from the previous month, the first such increase since April 2014.

Compared with a year ago, home prices fell 4.9 per cent in June, easing from the previous month's 5.7 per cent drop, according to Reuters calculations.

The National Bureau of Statistics said new home prices in Beijing fell 1.1 per cent last month from a year earlier, compared with May's drop of 2.3 per cent.

Shanghai's home prices were up 0.3 per cent in June from a year ago, reversing a drop of 2.3 per cent in May. They were up 1.3 per cent and 2.0 per cent respectively from the previous month.

China's real estate investment growth in the first half eased to its slowest since 2009, pointing to persistent weakness in the market, even as sales improved.

A prolonged slowdown in the property market has weighed on the broader economy, which China says grew at an annual pace of 7 per cent in the second quarter this year.

REUTERS