China's home prices continue to stabilize

BEIJING - Property market in major Chinese cities continued to stabilize after authorities implemented a string of measures to contain price hikes, according to an official survey released Monday.

Of 70 large and medium-sized cities surveyed,35 cities witnessed a month-on-month price decline or a slower price uptick in May, up from 31 in April, said the National Bureau of Statistics (NBS).

A total of 29 cities witnessed a slower price rise year on year in May, said the NBS.