(Yicai Global) July 18 -- Growth in home prices continued to decline in first- and second-tier Chinese cities last month, according to data covering 70 medium- to large-sized cities released by the National Bureau of Statistics today.
City-specific real estate regulation policies saw property markets in 15 first-tier and key second-tier cities remain stable in June, said Liu Jianwei, a senior statistician at the bureau's urban statistics department. Annual growth in new residential properties fell in all of the 15 cities compared with similar data from May, while monthly changes show house prices fell or flattened in nine of the cities. Growth in the remaining six rose by up to 0.5 percent.
All of the 70 cities recorded slower price growth compared to the same period last year, with data showing price growth has declined in nine straight months for both newly-built and second-hand residential properties in first-tier cities. New-build prices fell 2.6 percentage points last month while second hand prices fell 1.9 points.
In second-tier cities, annual growth of property prices has been declining for seven consecutive months for new properties and five for second-hand homes. New prices slid by 0.5 percentage point last month when compared with May, while second-hand prices fell 0.1 point.
All first-tier cities saw a decrease in prices from the previous month, with preliminary data showing prices fell by an average of 0.1 percent for new-builds and 0.2 percent for second-hand houses last month.