China has been trying to control speculation in its real estate sector
Property prices in China continued to rise in July, underlining the challenge the authorities face as they try to control the sector's growth.
New home prices rose in 69 of 70 major cities, compared with a year ago.
China has unveiled a series of measures in recent times to curb speculation in the sector, amid concerns of assets bubbles forming in the country.
Some analysts said the strict rules had resulted in a short supply of new homes, driving up prices.
The new measures include higher transaction taxes, restrictions on purchases of multiple homes in some cities as well as higher down payments.
"After the government unveiled the curbs in the residential market, many real estate developers shifted their focus on developing commercial projects," aid Shaun Rein managing director at China Market Research Group.
"That has see the supply of residential property slow down drastically.
"But demand for new homes is still strong, especially from those looking to buy their first-home or upgrade to a bigger property," he added.
New home prices in Guangzhou posted the biggest jump, up 17% from a year earlier, while Beijing and Shanghai saw prices rise by 14% from a year ago, according to data released by National Bureau of Statistics on Sunday.
This is the third month in a row that new home prices have risen from a year ago in all but one of China's major cities.
Source: BBC News - Business http://www.bbc.co.uk/news/business-23751021#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
