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Chinese property prices fell in June, the first monthly drop in more than a year. Figures from the National Bureau of Statistics, shows average prices in 70 cities edged down 0.1 percent from May. It provided further evidence that government curbing measures have taken effect.
On a year-on year basis, housing prices rose about 11 percent, down from a 12 percent increase in the year to May. New home prices rose about 14 percent year on year in June. While second-hand homes gained nearly 8 percent.
The Chinese government started a campaign in April to rein in soaring house prices, including tightened scrutiny of developer financing, limited loans for third-home purchases, and higher down-payment requirements for second-home purchases.
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