July home values rise at slowest pace in 11 months

China’s residential property prices increased 0.2% in July from June, the slowest pace in 11 months, Bloomberg reported, citing a report by SouFun Holdings (SFUN.NYSE). Home prices rose in 66 out of 100 cities surveyed by SouFun – the country’s largest real-estate website – as average home costs nationwide rose to US$1,378 per square meter. China announced plans in July to expand residential property curbs to smaller cities, after imposing limits on home purchases in metropolises like Beijing and Shanghai. “China’s property market is cooling down gradually, but it’s still not obvious,” said Peter Bai Hongwei, a Beijing- based property analyst at China International Capital Corp.