China new home prices rise across the board

China’s June new home prices rose in 69 of 70 cities compared to last year’s figures and major cities posted record gains, Bloomberg reported, citing a statement from the National Bureau of Statistics released Thursday. Guangzhou posted the biggest increase with a 16% advance from a year earlier. Prices climbed 13% in Beijing and 12% in Shanghai. The increases underscore Premier Li Keqiang’s struggle to rein in speculative investment as economic growth slows. China’s push to cool home prices in March may have actually pushed prices up further according to Societe Generale’s China economist Yao Wei.