China's home prices continue to rise in July

Prices of both new and existing homes continued to rise in most Chinese cities in July, according to official data released on Sunday.

Of a statistical pool of 70 major Chinese cities, 62 cities saw month-on-month home price rises. However, the number was down from 63 cities that reported higher prices in June, the National Bureau of Statistics (NBS) said in a statement.

According to the NBS, 57 cities reported month-on-month price gains in existing homes in July compared to 55 in the previous month. But the figure was lower than 64 cities that saw price rises in May, the data showed.