New home prices for Feb. down for 6th straight month

 

New home prices continued to fall in China's 70 major cities in February, for the sixth straight month.

The National Bureau of Statistics says average new home prices dropped 5.7 percent. Beijing saw a 3.6 percent fall from one year ago, and Shanghai, 4.7 percent. For exisiting homes, prices contracted moderately in 66 major cities.

Official data also showed that China's property sales in the first two months this year tumbled by the most in three years, on back of continuous oversupply and real estate investment growth cooldown.

Analysts say sales may uptick in March, as more people return from the Spring Festival holiday in February.