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China July Home Prices Rise as Big Cities Post Record Gains

China’s new home prices rose in almost all cities in July, led by gains in the biggest metropolitan centers, amid expectations that the government won’t further tighten property market restrictions.

Prices climbed in 69 of the 70 cities the government tracked last month from a year earlier, the National Bureau of Statistics said in a statement today, matching the data in June and May. The southern business center of Guangzhou posted the biggest gain, rising 17 percent from a year earlier. Prices in Beijing and Shanghai increased 14 percent each. All three cities had their biggest gains since the government changed its methodology for the data in January 2011.