The cost of Chinese new homes rose at a slower rate in June from the previous month, figures showed Friday, as measures to tame prices in the world's second-largest economy took hold. The average price for new houses in 100 major cities increased 1.32 percent month-on-month in June to 11,816 yuan ($1,776) per square metre, the China Index Academy (CIA) said in a statement, down from April's 1.7 percent.
"The effect of tightening policies in some key cities gradually kicked in and transactions in the cities further fell in June," said CIA, the research unit of real estate website operator Soulful. The once red-hot property market is a key driver of Chinese growth but has had a spell in the doldrums more recently, with new buyers priced out despite government borrowing restrictions reining in soaring costs.