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China June new home prices rise 10.2% on year

Average new home prices in China's 70 major cities rose 0.7 percent in June from the previous month, in line with growth in May as policymakers battle to rein in a red-hot market.

Compared with a year ago, new home prices rose 10.2 percent in June, slowing from an 10.4 percent gain in May, Reuters calculated from National Bureau of Statistics (NBS) data out on
Tuesday.

Regulators have intensified their crackdown on property speculation since late March, taking tougher measures in at least two dozen cities to curb surging prices and leading to a modest slowdown in the real estate sector in the second quarter.

Many analysts expect the sector to lose more momentum in the second half of the year in the face of continuous policy tightening and an official financial deleveraging campaign.