June 18, 2014 / 1:47 AM / in 6 years

China new home price rises slow to 5.6 pct y/y in May

BEIJING, June 18 (Reuters) - Average new home prices in China’s 70 major cities rose 5.6 percent in May from a year earlier, easing from the previous month’s 6.7 percent rise, according to Reuters calculations from official data published on Wednesday.

It was the slowest annual rise in 13 months.

In month-on-month terms, prices dropped 0.2 percent in May, breaking a 19-month run of monthly rises.

The National Bureau of Statistics said new home prices in Beijing rose 7.7 percent in May from a year earlier, compared with April’s increase of 8.9 percent.

Shanghai’s home prices were up 9.6 percent in May from a year ago, versus 11.5 percent growth in April.

The property market has lost momentum since late 2013 after an extended campaign by authorities to rein in rapid price growth, including tighter controls on speculative buying and tougher lending conditions. (Reporting By Xiaoyi Shao and Koh Gui Qing; Editing by Eric Meijer)

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