China's new home prices grew slightly in May

BEIJING, June 17 (Reuters) – New home prices in China rose at a steady pace in May, data showed on Thursday, as government measures to rein in the property market were eclipsed by heated demand for homes in some major cities.

Average new home prices in 70 major cities grew 0.6% in May from April, when it also grew at the same pace, according to Reuters calculations based on data released by the National Bureau of Statistics.

On a year-on-year basis, new home prices rose 4.9%, slightly faster than a 4.8% rise in April.

Chinese property prices have risen strongly this year despite increasing government attempts to reduce speculation in the market and prevent asset bubbles. Cooling measures have included imposing stricter rules for home buyers, curbing loans to developers and guiding banks to increase mortgage rates.

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