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PHOTO FILE: A worker stands on scaffolding on a construction site, in a residential building setting in Huaian, Jiangsu Province, China, on October 18, 2018. REUTERS / Stringer / File Photo
BEIJING (Reuters) – New home prices in China rose 0.6 percent in June, following a slight rise of 0.7 percent in May, according to Reuters' official data. the statistics (NBS) of Monday.
On an annual basis, average new home prices in China's 70 largest cities rose 10.3 percent in June, up from 10.7 percent in May.
Government restrictions and the economic downturn have weighed on the real estate market, but growing fears that prices will pick up as a result of weaker credit conditions have prompted policymakers to crack down on speculative buying recently.
Beijing has tightened links with developers' funding channels, while some local governments have also raised the bar of purchases to prevent speculation.
Report by Roxanne Liu and the Beijing Press Room; Edited by Jacqueline Wong
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