China July home prices rise 7.5 pct y/y- Reuters calculation
BEIJING Aug 18 (Reuters) - Average new home prices in China's 70 major cities in July rose 7.5 percent from a year earlier, according to Reuters calculations based on official data published on Sunday, marking the seventh straight month of year-on-year increases.
In month-on-month terms, prices rose 0.7 percent in July, easing from June's gains of 0.8 percent, according to calculation.
The National Bureau of Statistics said new home prices in Beijing rose 14.1 percent in July from a year earlier, compared with June's year-on-year increase of 12.9 percent. Shanghai's prices were up 13.7 percent in July from a year ago, versus 11.9 percent annual growth in June.
Despite having leaned against the house market for almost four years, China still faces record home prices, partly because controls have butted up against local governments' need to keep property market buoyant so they can sell land at high prices to raise revenues.
Reuters started its weighted China home price index in January 2011 when the NBS stopped providing nationwide data, only giving home price changes in each of 70 major cities. (Reporting By Xiaoyi Shao and Benjamin Kang Lim)
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- Winning ticket sold in California for Mega Millions lottery: official |
- UPDATE 5-Mega Millions lottery winning tickets sold in California, Georgia -Officials
- China confirms near miss with U.S. ship in South China Sea
- India removes barriers to U.S. embassy as anger grows over diplomat's arrest