Property prices rise for seventh consecutive month

China's home prices in major cities increased for the seventh consecutive month in December, while the growth rate slowed down on a monthly basis.

The China Index Academy, a Beijing-based real estate research institute, said on Friday that the average price of new homes in 100 monitored cities increased 0.23 percent month-on-month in December to 9,715 yuan ($1,559) per square meter. A rise of 0.26 percent was recorded in November.

Fifty-seven of the 100 cities saw a rise in property prices, down from 60 in November. And 43 cities experienced a fall, up from November's 38.