June 15, 2018 / 1:41 AM / a year ago

China's May house prices rise 0.7 pct m/m

BEIJING, June 15 (Reuters) - China’s new home prices rose 0.7 percent in May from a month earlier, up from a 0.5 percent gain in April and was the highest growth since June 2017, Reuters calculated from National Bureau of Statistics (NBS) data published on Friday.

On an annual basis, average new home prices in China’s 70 major cities rose 4.7 percent in May, unchanged from that in April.

China’s property market cooled significantly in the second half of last year amid the government’s effort to curb speculation, following a two-year long expansion in the sector.

China’s real estate investment growth slowed in May but remained firm, with sales growth hitting a near one-year high, defying fresh purchase curbs and higher financing costs and indicating resilience in one of the country’s main economic drivers. (Reporting by Beijing newsroom Editing by Jacqueline Wong)

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