China home prices rise for third straight month in July

Beijing

CHINESE home prices rose for a third consecutive month in July, fuelled by a pick-up in sales and market sentiment, a rare counterpoint to a growing list of grim indicators in the world's second largest economy.

Average new home prices rose 0.3 per cent in July versus June, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS) on Tuesday, slightly slower than June's 0.4 per cent rise. Even a modest recovery in a sector that accounts for around 15 per cent of gross domestic product (GDP) is a welcome boost for an economy heading for its weakest growth in 25 years.