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Home Prices in China Show Continued Gains in July as Growth Concerns Ebb

August 19, 2013 11:23 AM EDT
Housing prices in China continue to rise, dispelling at least some concerns that the world's largest growth economy has been seeing stronger than average pressure.

Data out Sunday from China's National Bureau of Statistics had housing prices rising at an annual rate of 6.7 percent in July, from a 6.1 percent reading in June. Analysts from the agency said the gains were from actual demand in the market.

On a month-over-month basis, prices increased 0.68 percent, down 10 basis points from the prior month.

China might be loosening up its monetary policy after the country moves to reel in rapid gains in the sector from 2010 to the start of this year. As the country's rapid expansion cools, officials are looking to keep demand high in the real estate segment, an area that provides one of the largest contributions to economic demand for services and commodities.

No official policy moves are expected before China Communist Party's annual plenum in October.

Traders are keeping an eye on China HGS Real Estate Inc. (Nasdaq: HGSH), China Housing and Land Development, Inc. (Nasdaq: CHLN) and others.


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