According to the latest report from China’s National Bureau of Statistics (NBS), 70 large and medium-sized cities across the country have seen a month-on-month decline in new and secondary housing prices.

The prices of new homes in China’s four largest cities Beijing, Shanghai, Guangzhou and Shenzhen fell 0.3 per cent last month, while secondary home prices fell 1.4 per cent. This is reported by
Xinhua News Agency, a partner of TV BRICS.

Home prices also fell in 31 second-tier cities and 35 third-tier cities compared with the previous month.

NBS spokesperson Liu Aihua, speaking at a press conference, said some indicators show that the property market has improved due to policy changes in the sector.

The data also showed that investment in property development in China fell 9.4 per cent year-on-year in the first 11 months, while sales of commercial housing fell 8 per cent in area and 5.2 per cent in value.

Liu said the data indicates that China’s property sector continues to adapt, which is conducive to stable and healthy development of the market in the long term.

She said the Chinese government will actively work to reduce the risks faced by the property sector and continue to improve the market.

Photo: 
Xinhua News Agency