It looks like China's property market is cooling. From Bloomberg:
China’s property prices snapped 15 months of gains and bank lending eased in June, indicating that curbs on credit may diminish inflation pressures even as record exports support growth.
Real-estate prices in 70 cities fell 0.1 percent from the previous month, the statistics bureau said in Beijing today. New lending of 603 billion yuan ($89 billion) was the least in three months, the central bank said in a report yesterday...
Meantime, China’s foreign-exchange reserves had their smallest quarterly gain since 2001, climbing $7.2 billion to $2.454 trillion, the report showed.
The fall in property prices in June was small but could be a sign of more to come as there appears to be no let-up yet in the government's efforts to cool the market. Again from Bloomberg:
China will “strictly” enforce housing policies such as lending rules to prevent speculative real estate investment, the Ministry of Housing and Urban-Rural Development reiterated in a statement yesterday on its website.
The ministry will increase the supply of affordable homes and the redevelopment of shanty areas, the statement said.