Shanghai's average house price dropped by 2.8 percent on a yearly basis in the second quarter of the year, the only one that posed a decline in 70 major cities in China, China News Service said today.

The average price of homes in these cities rose by 5.7 percent from April to June, compared to the same period of the previous year, it said, citing a report released by the National Development and Reform Commission and the National Bureau of Statistics.

The government in May enacted a string of control policies on credits and loans to curb the over-heated property market, while "the growth rate in the second quarter of the year is still a 0.2 percentage point higher from the previous quarter," the report said.

(For more biz stories, please visit Industry Updates)