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China's housing market calms in July

08-11-2010 09:02 BJT Special Report:China’s Economic Data for July |

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China's red hot property market is calming down. Official data shows that housing price growth slowed in July, while sales and investment in the sector also declined.

The National Bureau of Statistics says property prices in major Chinese cities rose around 10 percent last month from a year earlier. It was the third consecutive month that the housing prices increased at a slower pace and it's the lowest rate in six months.

The slow-down follows a series of government measures to curb speculation in the property market, and rein in excessive price rises. Sales area dropped over 15 percent in July year on year. While investment in property development also declined from the previous month.

China imposed lending curbs in April to slow double-digit increases in housing prices. The banking regulator said earlier this month that the government would maintain policies to cool the market.

Editor:Xiong Qu |Source: CNTV.CN

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