BEIJING Aug 18 Average new home prices in
China's 70 major cities dropped 0.9 percent in July from June, a
third consecutive monthly drop following June's drop of 0.5
percent, according to Reuters calculations from official data
published on Monday.
Compared with a year ago, home prices were up 2.5 percent in
July, easing from the previous month's 4.2 percent rise,
according to Reuters calculations.
After a strong performance in 2013, China's real estate
market has softened as sales have slowed and banks have become
increasingly cautious about lending to developers and
The National Bureau of Statistics said new home prices in
Beijing rose 4.0 percent in July compared with a year earlier,
compared with June's increase of 6.4 percent. They dropped 1.0
percent from June.
Shanghai's home prices were up 4.1 percent in July from a
year ago, versus 7.0 percent in June. They fell 1.2 percent from
June, the third month-on-month fall in a row.
(Reporting By Xiaoyi Shao and Koh Gui Qing)