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China sees house prices decline in 48 of 70 major cities

Feb. 20, 2012 (China Knowledge) - China's National Statistic Bureau has announced prices of new residential properties in 48 out of 70 Chinese major cities decrease in January, two more, compared to December 2011.
The remaining 22 of the 70 Chinese major cities saw nearly unchanged prices of new residential properties last month, also two more, compared to last December. On an annual basis, 15 of the 70 Chinese major cities saw price declines in new residential properties in January.

In China's resale residential property market, 54 of the 70 Chinese major cities suffered price declines last month from on a sequential basis, while 11 cities had prices almost unchanged and five cities had saw prices increases.

On an annual basis, 37 of the 70 Chinese major cities had price decreases in resale residential properties in January.

Analysts said the sluggish Chinese real estate market last month was principally dragged down weak demand in Chinese New Year, adding that few new property projects were launched for sales.

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