21 Dec '11, 9am

Property prices in big Chinese cities declining: In the secondary market, 51 cities experienced month-on-month p...

Property prices in big Chinese cities declining: In the secondary market, 51 cities experienced month-on-month p...

SHANGHAI - Tightening measures introduced to cool the property market are continuing to bite with 70 per cent of 70 major cities surveyed reporting month-on-month price falls. November saw 49 out of 70 cities monitored report falling prices for newly built residential properties from a month earlier, while prices in another 16 cities remained unchanged, according to figures released by the National Bureau of Statistics on Sunday. This means that 15 more cities reported month-on-month price falls for new homes than in October. Prices for new homes edged down 0.4 per cent in November from the previous month both in Beijing and Shanghai. Nanjing, Jiangsu province, witnessed the largest drop with 0.7 per cent. In the secondary market, 51 cities experienced month-on-month property price falls in November, 13 more than October. Among the seven cities that reported price hikes in...

Full article: http://www.asiaone.com/Business/News/Story/A1Story2011121...

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