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People's Daily Online>>China Business

House prices in nation's major cities continue to decline

By Cao Qian (Shanghai Daily)

10:25, February 20, 2012

House prices continued to fall in the majority of China's major cities last month, according to the National Bureau of Statistics.

Excluding government-funded affordable housing, prices fell month-on-month in 48 of the 70 cities monitored by the bureau in January, while the others saw prices unchanged.

No city reported price rises, compared to two in December which recorded a monthly gain of 0.1 percent. In January 2011, 60 of the 70 cities saw rises in new home prices.

In Shanghai, Beijing, Guangzhou and Shenzhen, where home purchase restrictions have been rigorously enforced, new home prices fell between 0.1 and 0.3 percent in January from the previous month.

"For the first time, none of the cities posted gains in new home values since the country's top statistics body began to release prices for 70 cities instead of a national average a year ago," said Sky Xue, an analyst with China Real Estate Information Services Co.

"Apparently, the market is moving in a direction that the central government has wished with all tightening measures remaining strictly implemented."

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