New home price growth in China slows in July

Beijing

CHINA'S home price growth slowed in July, with Beijing declining for a second straight month, reinforcing expectations that property price growth may stagnate over the course of the year.

Government restrictions to keep prices in check weighed on larger cities, with July showing the slowest growth since August 2016, while smaller centres pulled back but remained robust. Policymakers have prioritised stabilising the property market ahead of an autumn leadership reshuffle, stressing the need to avoid dramatic price fluctuations that could threaten the financial system and harm social stability.