Housing market continues decline in Feb

SHANGHAI, Mar 19 (SMM) – Prices of residential property in most Chinese cities continued to decline in February 2018, SMM learned.

Data from the National Statistics Bureau covered 70 large and middle-sized cities and showed that prices of newly-built housing in 15 cities remained firm in February while prices in 12 cities dropped 0.1-0.6% month on month. On a yearly basis, prices of new property in nine cities dipped by 0.3-2.5% last month.

On a month-on-month basis, prices of new housing and resale property continued to decline. The drops were 0.2 and 0.1 percentage point more than the previous month.

Year on year growth in the prices of resale homes for February fell 0.6 percentage point from January. 

Across second- and third-tier cities in February, prices of new and resale homes inched up year on year. Prices in second-tier cities rose less in February than January while prices in third-tier cities remained flat from January.

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