China’s new home prices dropped for a sixth consecutive month in February, as provincial authorities’ attempts to relieve policy controls on developers and increase buyer sentiment have not yet seen a marked effect, reports The Wall Street Journal. Average prices for new homes in 70 major cities sagged 0.12% lower in February from January, widening from January’s 0.04% decrease.
Meanwhile, fewer cities reported increases in home prices. Twenty-seven of the 70 cities recorded a month-over-month increase in home prices last month, down from 28 in January, China’s National Bureau of Statistics said.
China’s biggest cities are emerging strongest from the property downturn that began last year, with home prices rising 0.5% in month-on-month terms in the country’s so-called first-tier cities, including Beijing, Shanghai, Shenzhen and Guangzhou.
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