China's new home prices rise

The price of new homes in China rose in July by the largest margin in more than a year, Bloomberg reported, citing SouFun Holdings (SFUN.NYSE), the country’s biggest real estate website owner. Home prices were up 0.3% compared with June, climbing to 8,717 yuan (US$1,369) per square meter, SouFun said. The company added that prices rose in 70 of the 100 cities surveyed. SouFun Chairman Vincent Mo said July’s increase in home prices, the second in as many months, “showed the turning-point of China’s property prices.” Beijing recently reaffirmed its commitment to property curbs aimed at preventing home prices from rebounding. In a meeting held on July 26, Premier Wen Jiabao said China will “unswervingly” implement restrictions on property buying, according to state media.