Home prices in majority of the Chinese cities dropped in January, data from the National Bureau of Statistics showed Tuesday.
Prices of new houses dropped month-on-month in 64 of the 70 cities surveyed by the statistical office. Prices rose in two cities but remained flat in four cities.
The biggest decline in prices was noted in Quanzhou, by 1.7 percent and the steepest rise was seen in Shenzhen, by 0.3 percent.
House prices in Beijing edged down 0.1 percent and by 0.3 percent in Tianjin. At the same time, prices in Shanghai and Nanjing remained unchanged.
Compared with the same month of last year, house prices fell in 69 out of the 70 cities at the start of the year.
The material has been provided by InstaForex Company – www.instaforex.com