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Property Price Rise Slows down in Major Cities

Prices of real estate in 70 major Chinese cities rose 9.2 percent in May on the same month of last year, 0.9 percentage points lower than the April level, according to the National Bureau of Statistics.

The bureau said the growth rate had slown down for four consecutive months.

The price rise was 11.3 percent in January, 10.9 percent in February, 10.7 percent in March and 10.1 percent in April.

In May prices of new housing went up 10.2 percent, 0.6 percentage points lower than the month-earlier level. Urumqi, Haikou, Ningbo, Beijing and Hangzhou cities took the lead in price rises.

In breakdown, housing for low-income earners was priced 3.8 percent higher, with prices of new ordinary commercial housing up 10.6 percent and those of luxury housing up 12.3 percent.

May also saw prices of office buildings up 9.3 percent and those of real estate used for commerce business up 5.2 percent.

(Xinhua News Agency June 14, 2008)

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