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China home prices continue to slide for fifth month | China home prices continue to slide for fifth month |
(40 minutes later) | |
Property prices in most Chinese cities have fallen for a fifth consecutive month, underpinning government success in curbing speculation in the market. | Property prices in most Chinese cities have fallen for a fifth consecutive month, underpinning government success in curbing speculation in the market. |
In February, new home prices in 45 out of 70 cities fell compared to the previous month, the National Bureau of Statistics (NBS) said on Sunday. | |
In January, 48 cities saw prices fall compared to the previous month. | In January, 48 cities saw prices fall compared to the previous month. |
Chinese leaders have said prices remain too high and that property controls will remain in place. | Chinese leaders have said prices remain too high and that property controls will remain in place. |
"Home prices are still far above a reasonable level," said Chinese Premier Wen Jiabao last week. | "Home prices are still far above a reasonable level," said Chinese Premier Wen Jiabao last week. |
"Therefore, we must not relax tightening." | "Therefore, we must not relax tightening." |
Cool down | |
Property prices in China rose because of a stimulus package in 2008, after the global economic crisis. | |
Last year, the government introduced moves to prevent asset bubbles from forming - including limits on the number of houses people can own, higher deposits and property taxes in select cities. | |
Analysts said these firm policies would lead to a further decline in property prices this year. | |
"China's property prices will likely continue their downward trend, likely going into the second half of 2012 and until policies are altered," said Mark Budden from EC Harris, an asset consultancy. | |
In year-on-year terms home prices declines were seen in 27 cities in February compared to 14 cities in January, the NBS said. | |
The ministry stopped publishing its nation-wide home price index last year. It now only provides data on specific cities. |
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