China house prices fall at slower pace in August

[BEIJING] China's home prices fell at a slower rate in August than the previous month, an independent survey showed on Monday, as more local governments loosened purchasing restrictions to prop up sales.

The average price of a new home in 100 major cities was 10,771 yuan (S$2,200) per square metre last month, down 0.59 per cent from July, the China Index Academy (CIA) said.

It was the fourth month-on-month decline in a row, but the rate of the fall was slower than the 0.81 per cent recorded in July, according to CIA data.