China's home prices remain stable in June

BEIJING - Home prices in 70 major Chinese cities continued to stabilize with slower month-on-month price increases in June, official data showed Monday.

New home prices in four first-tier cities -- Beijing, Shanghai, Shenzhen and Guangzhou -- increased 0.2 percent month on month in June, down by 0.1 percentage points from May, the National Bureau of Statistics said in an online statement.

On a monthly basis, new home prices edged up 0.8 percent in 31 second-tier cities and rose 0.7 percent in 35 third-tier cities.

Prices of resold housing in first-tier cities remained flat month-on-month in June, compared with a 0.1-percent increase in May, while those in second-tier cities reported an increase of 0.3 percent, 0.2 percentage points lower than that of May.

Resold home prices were up 0.7 percent month-on-month in third-tier cities, 0.1 percentage points faster than the rate for the previous month.

NBS senior statistician Liu Jianwei said local governments aimed at stabilizing land prices, home prices and expectations in June to maintain stable development of the property market.

On a yearly basis, both new and resold home prices increased at slower rates.

New home prices in first-tier cities rose 4.4 percent year-on-year, while those for second- and third-tier cities rose 11.4 percent and 10.9 percent, respectively.

Resold home prices also registered slower increases in all three tiers of cities tracked by the bureau.