Economy

China's residential property prices edge up

(Xinhua)
Updated: 2011-07-01 16:33

BEIJING - Residential home prices rose 0.41 percent month-on-month across 100 major cities in June, said a report released by China Real Estate Index System (CREIS) on Friday.

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The rise is 0.12 percentage points lower than that in May.

The average price of residential homes across the 100 surveyed cities stood at 8,856 yuan (about $1,369) per square meters in June, compared with 8,819 yuan per square meter in May, the report said.

Prices increased in 75 cities in June while declining in 25 others. Seventy-three cities registered less than 1 percent month-on-month increases, said the report.

Meanwhile, residential home prices across the 100 cities rose 5.19 percent year on year in June with only four cities reporting less than 1 percent year-on-year increases, it said.

According to the report, the average price in 10 first-tier cities, including Beijing, Shanghai and Tianjin, remained unchanged at 15,829 yuan per square meters from May to June.

Of the 10 cities, six saw month-on-month increases while the remainders including Beijing and Chengdu reported moderate declines, the report added.

The government has repeatedly stressed its efforts to rein in the runaway property market since last year. It has adopted measures including tighter monetary policies, higher down payments, banning third-home purchases and imposing price control targets and a trial property tax.