(Bloomberg) -- Home-price growth in China moderated for a second month in July after authorities took further steps to rein in the market.
New home prices in 70 cities, excluding state-subsidized housing, rose 0.3% last month from June, when then gained 0.41%, National Bureau of Statistics figures showed Monday. It was the slowest growth in six months.
The residential market has begun to cool after the government increased efforts to curb surging prices. Vice Premier Han Zheng last month vowed that the property sector shouldn't be used as a short-term boost for the economy, becoming the highest-ranking official to address the real estate issue in recent months.
Financial hub Shanghai boosted mortgage rates for both first and second homes last month, following credit tightening since May in some cities with banks halting new loans to homebuyers. Local governments are also amending land auction rules after central authorities asked them to stabilize home values by cooling land prices.
Values in the secondary market, which faces less government intervention, climbed 0.11% last month, the slowest pace since October, the data showed.
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