China June home prices edge up 7.3% year-on-year

In China, in June, home prices in 70 key cities edged up 7.3% from a year earlier, Monday’s official poll revealed, accelerating from May’s 6.9% rise.     

Revenues on a monthly basis kept slowing, though as some cities tightened policies amid worries over a housing price bubble.  

In June, the monthly soar slowed moderately to 0.8%, compared to May’s outcome of 0.9%, according to a Reuters calculation built around the data published by the National Bureau of Statistics.

On a year-on-year basis, Xiamen and Shenzhen appeared to be the two number one performers, with home prices ascending 46.7% and 33.6%, respectively.

Beijing prices edged up 20.3%, a bit faster than in May, while Shanghai prices soared 27.7%, the same as in May.

A revival in Chinese property market since last year as well as a government infrastructure building spree for recent months have assisted in shoring up growth in the world's number two economy, which has been weighed down by poor demand abroad and at home, cooling investment as well as excess industrial capacity.

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