In the four first-tier cities – Beijing, Shanghai, Guangzhou and Shenzhen – prices of newly built homes remained flat in February, compared with a 0.3 percent decline in January, according to the National Bureau of Statistics.
Beijing and Shanghai both saw prices rise 0.2 percent, Guangzhou remained flat, and Shenzhen fell 0.3 percent.
Prices of second-hand homes in first-tier cities edged down 0.1 percent, narrowing by 0.4 percentage points from January, the bureau said.
Beijing and Shanghai recorded increases of 0.3 percent and 0.2 percent, respectively, while Guangzhou and Shenzhen recorded declines of 0.5 percent and 0.4 percent, respectively.
Across 31 second-tier cities, the average month-on-month price decline was 0.2 percent for new homes and 0.4 percent for resold homes, while prices in 35 third-tier cities fell 0.3 percent for new homes and 0.5 percent for resold homes.
All these figures represented a 0.1 percentage-point narrowing from the previous month.
The data also showed that 17 cities reported increases or that prices remained flat for new home, nine more than in January.
On a year-on-year basis, however, downward pressure persisted.
First-tier cities saw new home prices drop 2.2 percent in February, widening by 0.1 percentage points from January.
New home prices in second- and third-tier cities recorded year-on-year declines of 3.1 percent and four percent, widening by 0.2 and 0.1 percentage points, respectively.
For second-hand homes, first-tier cities saw prices fall 7.6 percent, the same pace as in January.
Second-tier cities declined 6.2 percent year on year, unchanged from January, while third-tier cities fell 6.3 percent, widening by 0.2 percentage points.
China will work to stabilise the real estate market this year, with city-specific policies to control the number of new real estate projects, reduce housing inventory and improve supply, according to this year’s government work report.
The country will take well-ordered steps to promote the development of quality homes that are safe, comfortable, eco-friendly and smart, and carry out projects to enhance housing quality and initiatives to improve property services, the report said.
The report also noted that efforts will be made to provide housing support for first-time married couples and those with their first child, and help families with children meet their needs for better housing. (Xinhua)
Edited by Tony Sabine
