InfoAnda - China's property prices continue to slow in July

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's property prices continue to slow in July AFP - Tuesday, August 10 Send IM Story Print China's property prices continue to slow in July Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – Property prices in China rose at a slower pace in July from the previous month, government data showed Tuesday, as efforts to curb speculative investment in the real estate sector started to bite. Housing prices in 70 major cities rose 10.3 percent on year in July, the National Bureau of Statistics said, down from 11.4 percent in June. The figure marked the third straight month that year-on-year growth in prices has slowed after Beijing issued a slew of measures to prevent the real estate sector overheating and causing a bubble that could derail the economy. Prices rose 12.8 percent in April, the biggest on-year rise for a single month since July 2005, when the survey was widened to 70 cities from 35. On a monthly basis, property prices were unchanged from June, the statistics bureau said. Total floor space -- commercial and residential -- sold last month fell 15.4 percent year-on-year to 64.66 million square metres (700 million square feet), the data showed. The value of sales fell 19.3 percent on-year to 306.6 billion yuan (45.3 billion dollars). "House price inflation is slowing and should continue to ease further in the months ahead, but so far it has been a gradual deceleration rather than an abrupt correction in prices," said Brian Jackson, senior analyst at the Royal Bank of Canada in Hong Kong. In recent months, authorities have tightened restrictions nationwide on advance sales of new developments, introduced curbs on loans for third home purchases and raised minimum down-payments for second homes. Despite signs the sector is cooling, the government said last month it has no plans to ease restrictions on the market. Rising property prices have stoked fears of a bubble in the sector, prompting regulators to ask banks to test the possible impact of a 30 percent price drop. Recommend Send IM Story Print Related Articles ASIA LOCAL BONDS-Indonesia yields steady at record lows Reuters - 27 minutes ago Indonesia fin ministry says raises 4 trln rph in bond auction Reuters - 28 minutes ago European shares fall in early trade; miners slip Reuters - 34 minutes ago Exxon quits new $6 bln Ras Laffan petchem project-MEED Reuters - 34 minutes ago INDICATORS - Lebanon - August 10 Reuters - 37 minutes ago News Search Top Stories Extreme weather fuels debate over global warming Visitors attack Taiwan 'haunted house' actors Fed expected to downgrade US growth outlook BP makes first deposit into Gulf disaster fund Putin cuts Russia harvest forecast More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Sauna contest in Finland cut short as Russian dies Massive ice island breaks off Greenland glacier BP spends $6.1 bln on Gulf spill response Campbell said she got diamond from Taylor: Farrow Former HP boss reaches settlement with accuser More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

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