Property prices rise 10.7% yoy in February

Property prices in China rose 10.7% year-on-year in February, according to new figures released by the National Bureau of Statistics, the Wall Street Journal reported. While prices continued to rise, overall sales growth of residential properties appears to be slowing: Sales volumes grew 37% in the first two months of the year, from growth rates of more than 50% at the end of 2009. Data from property consultancy Soufun showed residential sales volumes fell 49% in February from the month before. Analysts say that the slower growth numbers will take pressure off Beijing to pursue more aggressive policies to control property prices; a response to rising prices in 2008 was widely seen as too strong.