Housing prices in 70 large-and medium-sized Chinese cities fell 0.4 percent year-on-year in December, signaling the first such drop since the government issued the figure in July 2005.
It was down 0.5 percent compared with the previous month, according to a joint statement issued by the National Development and Reform Commission and the National Bureau of Statistics.
In November, property prices rose only 0.2 percent from a year earlier, presenting the lowest growth rate in the past three years.
About one third of the cities showed a year-on-year price drop, with southern Shenzhen leading the downward trend by a 18.1 percent dip. Housing prices in cities like Guangzhou, Nanjing and Chongqing all fell more than 5 percent.
Meanwhile, the prices in 50 cities dropped in December compared with the previous month. Southern Guangzhou led the drop by 3.1 percent.
Source: Xinhua
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