China's home prices continue to stabilize

[Photo/VCG]

BEIJING - China's property market continued to show signs of cooling as home prices were falling or posting slower growth in major cities amid tough control policies, official data showed Monday.

On a yearly basis, of the 70 cities surveyed in August, the pace of new home price growth slowed in 15 major cities compared with the same month of last year, the National Bureau of Statistics (NBS) said.

On a month-on-month basis, new home prices fell or remained flat in 13 cities in August, down from 14 in July, but up from 10 in June, according to the NBS data.