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Chinese urban home prices down 1.2% in February

(Xinhua)
Updated: 2009-03-10 16:04

BEIJING  -- Prices of new and existing homes in 70 large and medium-sized Chinese cities fell 1.2 percent year-on-year in February, the government said Tuesday, the third monthly decline in a row.

Related readings:  China's house prices may cool in 2009  No patroitism in house buying  China's home appliance industry slows in 2008  Foreigners cold to home buys despite policy flip

The decline was 0.3 percentage points larger than the month-earlier level, according to a joint statement by the National Development and Reform Commission and the National Bureau of Statistics.

Prices of newly built homes in 30 cities dipped year-on-year last month, with the southern cities of Shenzhen and Guangzhou recording the largest declines of 16.3 percent and 8.9 percent, respectively.