(Yicai Global) Aug. 16 -- Prices of new and pre-owned homes in 70 large and mid-sized Chinese cities rose at a slower pace last month than in June and the same period last year, with the growth rate in first-tier cities falling significantly, according to data released today by the National Bureau of Statistics.

Prices of new houses in first-tier cities rose 0.4 percent last month, down from 0.7 percent in June. The increase in Beijing, Shanghai and Guangzhou was 0.8 percent, 0.4 percent and 0.2 percent, respectively, down from 0.9 percent, 0.5 percent and 1 percent. In Shenzhen, the figure was 0.5 percent, the same as in June.

The cost of pre-owned homes in first-tier cities gained 0.4 percent, versus 0.7 percent in June. Prices in Beijing and Shanghai rose 0.7 percent, slower than June’s 1.3 percent and 1 percent. Prices were up 0.6 percent in Guangzhou, the same as in June, and they fell 0.4 percent in Shenzhen.

China spent CNY8.49 trillion (USD1.31 trillion) on real estate development in the first seven months of the year, up 12.7 percent from the same period of 2020, compared with a 15 percent gain in the first half, per NBS data.

The sales area of new houses totaled about 1.0 billion square meters from January to July, up 21.5 percent from the same period last year, but down from the 27.7 percent rise in the first half.

The real estate market is generally stable, NBS spokesperson Fu Linghui said at a press conference today, noting that this will continue as government agencies nationwide are trying to stabilize the prices of land, houses and market expectations.

Editor: Tom Litting