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Second-hand home prices in first-tier cities stop falling in Oct.

2014-11-18 GMT+8:00

BEIJING, Nov. 18 (Xinhua) - Second-hand home prices in China's four first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, stopped falling in October on a monthly basis, shows data released by China's National Bureau of Statistics (NBS) on Tuesday.

Among the 70 large- and medium-sized Chinese cities monitored by NBS, 69 cities reported month-on-month declines in newly-built home prices and 64 cities reported declines in second-hand home prices in October. But second-hand home prices in Beijing climbed 0.3 percent from September, while those in Shanghai, Guangzhou and Shenzhen were unchanged in October.

Liu Jianwei, senior statistician with NBS, reckoned that along with the adjustments of mortgage policies nationwide, property developers have enhanced their sales activities to reduce inventory, a part of homebuyers made purchases, and the home prices declined at slower paces in October compared with previous months.

Figures show that the average rates of month-on-month declines in newly-built home prices and pre-owned home prices of the 70 large- and mediums-sized cities in October were 0.3 percentage points and 0.1 percentage points slower, respectively, than in September.

Because of the general month-on-month decreases in home prices and higher base in the same period of last year, home prices in most of the 70 cities fell in October on a yearly basis.

A total of 67 cities reported year-on-year declines in newly-built home prices and 65 cities reported declines in pre-owned home prices in October, up 9 and 13, respectively, from September. Only three cities reported higher prices of newly-built homes and four of pre-owned homes. (Edited by Luo Jingjing,