China's May new home prices rise fastest in 5 months

NEW home prices in China rose at their fastest pace in five months in May, complicating government efforts to keep frothy housing markets under control as it rolls out more stimulus for the slowing economy. Average new home prices in China's 70 major cities rose 0.7 per cent in May from the previous month, picking up from a 0.6 per cent rise in April and the quickest pace since December. That marked the 49th straight month of price gains. A total of 67 of the 70 cities surveyed by the NBS reported higher prices in May, the same as April.