On a year-on-year basis, new home prices fell 4.8 percent, compared with a 5 percent drop the previous month.
In its annual work report earlier this month, the government said arresting the protracted slide in the property market was among its major tasks this year.
China will introduce city-specific policies for adjusting homebuying curbs and tap into the potential demand for first homes and better housing, policymakers said.
On Sunday, the State Council unveiled what it called a “special action plan” to boost domestic consumption, featuring measures including increasing residents’ income and establishing a childcare subsidy scheme.
The plan, organised into eight sections, “aims to promote reasonable wage growth by strengthening employment support in response to economic conditions”, Xinhua reported.
It intends to grow incomes through property reform, including in rural areas where it calls for “exploring ways to unlock the values of houses legally owned by farmers”, it added.
Mechanisms for stabilising the stock market and the development of financial products for individual investors are also being explored.
Financial institutions will be encouraged to issue more personal consumption loans and set reasonable loan limits, terms and interest rates, Xinhua said.
The plan also mentions linking consumer consumption to broader social goals, and potentially raising pension benefits.
China would also accelerate the development and application of new technologies and products including autonomous driving, smart wearables, and robotics, to create new high-growth consumption sectors.
Beijing is pushing for economic growth of around five percent this year, Premier Li Qiang announced at the opening session of the National People’s Congress earlier this month.
The new plan is part of China’s drive to make domestic demand the main engine and anchor of its economic growth. (Agencies)
