Chinese new home price growth slows in May

Home prices increased in China in less cities in May than during the previous month, pointing to a possible easing in the pace of recovery in home values.

Prices rose in 60 out of 70 of the country's main urban centres in May, down from 65 in April, according to figures published on Saturday morning by the National Bureau of Statistics.

They dropped in four cities instead of five in May and were unchanged in the remainder.

The rate of gains in prices in the 60 cities were increases were registered was also slower than in April.

On average, new home prices increased by 0.84% month-on-month, versus a rise of 1.03% in the month before - the first slowdown since October.

Beijing had acted recently to curb price rises in first-tier cities such as Shanghai and Shenzhen, while applying stimilus measures in smaller cities.

Existing home prices grew in 49 cities in May, down from 51 in April, while dropping in 13 and remaining flat in eight.