China's new home prices firm in July - NBS

China's new home prices rose in July as the property sector held up as one of the few bright spots in the slowing economy, although momentum flagged in some markets as persistent curbs hit speculative investment.

Average new home prices in China's 70 major cities rose 0.6% in July from the previous month, unchanged from June and marking the 51st straight month of gains, according to the data from National Bureau of Statistics (NBS).

The majority of the 70 cities surveyed by the NBS still reported a monthly price increase for new homes, although the number of cities fell to 60 in July from 63 cities in June.

The property sector directly impacts over 40 industries in China and a fast deterioration would risk adding to pressure the economy.

On a year-on-year basis, home prices rose at their weakest pace this year in July by 9.7%, slowing from a 10.3% gain in June.

Prices in China's four top-tier cities - Beijing, Shanghai, Guangzhou and Shenzhen - rose 0.3% from a month earlier, quickening from a 0.2% gain in June.

Tier-2 cities, which include most of the larger provincial capitals, increased 0.7% in July versus a 0.8% rise in the previous month. And Tier-3 cities rose 0.7% on a monthly basis, in line with June's pace.