China's property market goes down

China's property market goes down

In Beijing, in June, home property prices went down for the first time for more than two years, while Shanghai further dipped and Shenzhen stood still, pointing to considerable cooling in China's number one real estate markets, as official data unveiled.

Nationwide, home price surge decreased moderately in June because government efforts to keep prices in check put pressure on larger cities, although smaller cities managed to maintain rapid surge.

Folks in the industry expect home price surge in China's key cities to stay on a moderately slowing trend for the next 12 months.

Average new home prices in China's 70 key cities tacked on 10.2% in June from last year, decelerating from May's 10.4% profit, according to Reuters calculations built around an official survey issued on Tuesday.

New home prices inched up 0.7% in June on a monthly basis, which is the same outcome as last month's reading. That’s what Reuters calculations built around data published by the National Bureau of Statistics revealed.

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