China's property prices are growing at a slower pace.The average price for a new home in 100 major cities rose 0.2% in July. Price hikes in small and middle sized cities contribute the most to the rise.

That means the price per square meter is now almost 89-hundred yuan, or about 14-hundred US dollars per square meter. Property prices in 66 cities grew in July compared to the previous month while 33 cities posted a decline. Only one city remained stable. China is implementing a series of measures to contain property prices, including higher lending interest rates and limits on house purchases.