New home prices in China's 70 large and medium-sized saw a slight drop in February, Xinhua News Agency reported Monday, citing the National Bureau of Statistics.
The decline was attributable to the impact of the Spring Festival sales off-season and other factors, Xinhua said.
New home prices in China's first-tier cities such as Beijing and Shanghai rose 0.1% month on month in February, while they remained flat in second-tier cities, the report said.
The resale market saw a decline of 0.4%, Xinhua said.
New commercial housing sales slipped 7.8 percentage points in terms of floor area and fell 14.5 percentage points value-wise compared with a full-year decline in 2024, Xinhua said, citing NBS spokesperson Fu Linghui.
Meanwhile, property development investment also declined 9.8% year over year in January and February, narrower by 0.8 percentage points compared with the fall in full-year 2024, the report said.
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