China new home prices rise slows to 6.7 pct y/y in April

BEIJING Sat May 17, 2014 9:49pm EDT

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BEIJING May 18 (Reuters) - Average new home prices in China's 70 major cities rose 6.7 percent in April from a year earlier, easing from the previous month's 7.7 percent rise, according to Reuters calculations based on official data published on Sunday.

It was the slowest annual rise in 11 months.

In month-on-month terms, prices rose 0.1 percent in April, slowing from March's rise of 0.2 percent.

The National Bureau of Statistics said new home prices in Beijing rose 8.9 percent in April from a year earlier, compared with March's increase of 10.3 percent.

Shanghai's home prices were up 11.5 percent in April from a year ago, versus 13.1 percent growth in March.

The property market has lost steam since late 2013 after an extended campaign by authorities to rein in rapid price growth, including tightener controls on speculative buying tougher lending conditions.

(Reporting By Xiaoyi Shao and Sui Lee Wee)

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