China's home prices drop for 21st straight month as property recovery remains elusive
China's new-home prices fell for the 21st straight month in February as a recovery continued to elude the key economic sector, underscoring the need for more bold measures to stabilise the market.
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Across 70 mainland cities, February new-home prices dropped 0.1 per cent month on month, the same decline recorded in January, according to data released by the National Bureau of Statistics (NBS) on Monday. Prices for new homes fell 5.2 per cent year on year, slightly less steep than the 5.4 per cent year-on-year drop in January.
Second-hand home prices fell 0.3 per cent month on month in February across the 70 cities, the same decline as in January. On an annual basis, they fell 7.5 per cent, adding to a 7.8 per cent loss in January.
'Since February is a traditionally slow season for the market, such a decrease is normal,' said Yan Yuejin, vice-president of Shanghai-based E-House China Real Estate Research Institute. 'In the first half of the year, the housing price index will experience a continued narrowing of declines, with some cities leading the price increases.'
Across China's four top-tier cities – Beijing, Shanghai, Guangzhou and Shenzhen – new-home prices edged up 0.1 per cent month on month in February, the same increase as January. Second-hand home prices in those cities lost 0.1 per cent last month, after a 0.1 per cent gain in January.
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New-homes prices were unchanged in second-tier cities, including Tianjin, Wuhan and Chengdu, compared with a 0.1 per cent rise in January. Prices of second-hand homes in those cities slipped 0.4 per cent, adding to a 0.1 per cent drop in January.
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