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China sees house prices decline in 52 of 70 major cities

Jan. 18, 2012 (China Knowledge) - China's National Statistic Bureau announced yesterday that the prices of new residential properties, excluding apartments for low-income families, in 52 out of 70 Chinese major cities decrease from a month earlier by three more, compared to November 2011.

Last month, 16 out of the 70 Chinese cities saw unchanged prices of new residential properties, while the remaining two cities each had new residential property price increase of 0.1%.

On an annual basis, China saw nine out of the 70 Chinese major cities' price decline in new residential properties last month by five more, compared to November 2011. Of the 70 cities, 60 cities had price growth of less than 5%.

In the country's second-hand residential property market, 51 of the 70 Chinese major cities suffered sequential price declines in December 2011 by four more, compared to November 2011.

Last month, 16 out of the 70 Chinese cities saw unchanged prices of used residential properties, also four more, compared to November 2011. All the cities which had sequential price growth saw the increase reach less than than 0.2%, sources reported.






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