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China new home prices up in July

Chinese authorities have taken steps to support the property marketn after prices fell for eight consecutive monthsChina’s new home prices increased in July for the third straight month, a survey showed Friday, as the market continued to recover on the back of government policy support. The average price of a new home in China’s 100 major cities rose 0.54 percent month-on-month to 10,685 yuan ($1,721) per square metre, the China Index Academy (CIA) said in a report. The central People’s Bank of China (PBoC) in June announced its latest cut in benchmark interest rates, the fourth such move since November, and has taken other steps such as easing mortgage policies.

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