China's property market was running at two speeds, with a real need for housing helping fuel big price gains, a long-time Asia property analyst said.



Government data released at the weekend showed property prices in 70 major cities in China grew 6.9 percent in May from a year ago, accelerating from April's 6.2 percent rise.

Prices in the top-tier cities of Shenzhen, Shanghai and Beijing clocked on-year growth of 53.2, 27.7 and 19.5 percent respectively, while the coastal city of Xiamen posted price rises of 28 percent. Prices in second-tier cities Nanjing and Hefei also rose more than 20 percent, beating Beijing's on-year growth rate.

"It used to be the case where just about every city went up and down together, but that's not been the case in this particular cycle," Peter Churchouse, author of "The Churchouse Letter," told CNBC's "The Rundown".