18 Mar '11, 5pm

China February home prices show signs of softening

China February home prices show signs of softening

SHANGHAI : China's efforts to cool its red-hot real estate market showed signs of working in February, as government data Friday showed more cities seeing a fall in house prices from the previous month. The figures could mean Beijing will hold off any further measures to rein in prices in the near term, analysts said, after a series of measures over recent months. The cost of a newly built home in eight of the 70 major cities tracked fell in February from January, the National Bureau of Statistics said. Just three cities had shown a decline in January. While prices in 68 cities rose last month from February 2010, analysts said the month-on-month data showed official measures to rein in soaring house prices were kicking in. "The administrative measures are taking effect. With restrictions on purchases of homes in full play, transactions are likely to remain very weak in com...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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