Soufun: Property prices fall for fifth consecutive month

Property prices in China fell 0.18% in January from the month before, according to Soufun, the country’s largest real estate website firm, marking the fifth straight month of decline, Bloomberg reported. Home prices fell in 60 of the 100 cities the company has tracked since July 2010, thanks to continued tight government restrictions on property purchases. However, average prices were still up 1.7% year-on-year, though this was the slowest pace of growth since August. “Home prices are really falling and will drop further as the government curbs remain in place,” said Nicole Wong, a property analyst at CLSA. Sonny Kalsi, founder of GreenOak Real Estate, said that China’s home prices could fall 10-15%. “I don’t think China’s going to blow up, but prices are ahead of affordability,” he said.