Price gains slowed ever-so-slightly in China’s major cities in July amid the government’s effort to rein in the housing market.
Prices rose in 56 out of 70 cities tracked by the Chinese government last month. But that’s a slight drop from June, when 60 out of 70 cities saw prices gains, Bloomberg reported.
Regulators have imposed curbs on lending and real estate purchases amid concerns of a Chinese housing bubble, particularly in China’s premier cities.
In Beijing, new home prices in July dropped 0.1 percent month over month, while existing home prices dropped 0.8 percent. In Shanghai, existing home prices dropped 0.4 percent in July.
Year over year, Beijing’s existing home prices grew 13.1 percent. Prices in third-tier cities have seen the fastest price gains, as buyers look beyond the major markets to invest. The Chinese government has also stepped up efforts to restrict investment in real estate abroad. [Bloomberg] — E.B. Solomont