China home sales rise at slowest pace this year

Shanghai

CHINA'S new home sales rose at the slowest pace so far this year amid policymakers' moves to cool the property market.

New home sales climbed 32.9 per cent to 773 billion yuan (S$159 billion) last month from a year earlier, according to Bloomberg calculations based on data the National Bureau of Statistics released on Monday. The increase compares with a 63.5 per cent surge in April. Home sales fell 2.6 per cent in May from April.