CHINA RESIDENTIAL PROPERTY PRICE BROUGHT UNDER CONTROL

BEIJING, July 12 (Bernama) -- The Chinese government's campaign to bring
down residential property price has successfully slowed down the increase in
prices by one per cent in June.

A statement issued by the National Bureau of Statistics (NBS) here Monday,
said that although the price index for residential properties in 70 medium and
large cities rose 11.4 per cent year-on-year in June, it was one percentage
point lower than in May.

This was the second consecutive month that China's property prices grew at a
slower pace. Property price index grew 12.4 per cent in May, 0.4 percentage of a
point lower than in April.

The price index for new homes meanwhile rose 14.1 per cent year-on-year in
June, whereas prices of second-hand homes gained 7.7 per cent, compared with an
increase of 9.2 per cent in May.

The Chinese government introduced several measures in April to check the
rise in house prices, including tighter scrutiny of developers' financing,
limited loans for third-home purchases, and higher down-payment requirements for
second-home purchases.

Overall sales of space in commercial buildings, residential buildings and
office buildings were also up in the first half of the year, the statement said.
-- BERNAMA