Home prices in nearly two-thirds of China’s big cities fell in February from the previous month, as measures taken to tame the property market continue to have an impact.
Beijing’s National Bureau of Statistics said yesterday 45 out of 70 large and midsized cities tracked by the government saw a fall in new home prices month on month in February. The previous month, prices fell in 48 cities. Prices in a further 21 cities were stable and just four cities experienced price rises, it added. On a year-on-year basis, 27 cities saw new home price declines in February, up from 15 in January.
The news came after Premier Wen Jiabao’s warning last week that property prices remained at far from reasonable levels. He urged the government to sustain efforts to regulate the sector.