China's property sector continues to cool in June, with new home prices in 55 major cities reporting month-on-month drops.
According to the National Bureau of Statistics, only 8 cities of the 70 cities surveyed saw month-on-month increases. Of the four big first-tier cities, only Beijing registered a price rise of 0.1 percent for new homes compared with the last month. The other three all dropped -- Shanghai, 0.7 percent, Guangzhou 0.6 percent, and Shenzhen 0.4 percent.
For existing homes, prices declined month on month in 52 cities with only 7 cities registering price rises.