Measures designed to cool the property market in China
are starting to have the desired effect on prices. In February, fewer large and medium cities in the country reported increases in home values.
The measures, which were introduced by the Chinese government over the past year, include the banning of selling land at record high prices in an attempt to cool down the property market.
According to the official statistics bureau, sales of residential housing in Beijing and Shanghai have dropped sharply in the past two months and residential housing sales in Beijing for the January-to-February period declined 21.1 per cent compared to the same period last year.
Elsewhere, prices of newly-built residential properties in 56 of the 70 large and medium-sized Chinese cities that are being monitored by the government's survey rose in February from the previous month.
The Chinese government has claimed that getting inflation under control is the country's top economic challenge this year and has made repeated pledges to rein in property prices by curbing speculation.
- Thursday 24 March 2011