China's property market slowed further last month, with average new home prices in the nation's 70 major cities cooling from October as a raft of government curbs appeared to discourage speculative demand.
New home prices rose 0.6 percent month-on-month, slowing from October's 1.1 percent, according to Reuters calculations from data issued by the National Bureau of Statistics (NBS) on Monday.
The monthly decline suggested Beijing's efforts to rein in China's overheated property markets is paying off as authorities try to engineer a soft landing amid fears a furious rally of the past two years could trigger a crash.
Compared with a year ago, new home prices still rose 12.6 percent, up from a 12.3 percent increase in October, the National Bureau of Statistics (NBS) said.
Shenzhen, Shanghai and Beijing prices rose 27.9 percent, 29.0 percent and 26.4 percent, respectively, from a year earlier, but their monthly pace slowed significantly as tightening measures implemented by local governments started to take effect.
Home prices in Shenzhen posted a second monthly decline to be off 0.3 percent from a month ago, while Beijing and Shanghai prices were unchanged on a monthly basis, compared to a 0.5 percent rise for both cities last month.