Property price rises ease in Chinese cities, after 2 years of measures

BEIJING (AFP) - Rises in new home prices moderated broadly in Chinese cities last month, official data showed on Tuesday, after authorities vowed to keep a tight grip over the once red-hot sector.

Prices in 36 out of the 70 cities tracked by the government increased in August from July, the National Bureau of Statistics said in a statement, down from 50 the previous month.

At the same time the cost of a new home in 20 cities fell in August, the bureau said, more than double the nine seen in July.

Prices in another 14 cities were unchanged, compared with 11 in July, the bureau said.