China house prices continue to stabilize

BEIJING - China's hot property market in major cities has continued to stabilize after authorities took a series of measures to contain prices, according to an official survey Wednesday.

Of 70 large and medium-sized cities surveyed, 46 saw prices for new residential housing climb month-on-month in December, down from 55 in November and 62 in October, according to the National Bureau of Statistics (NBS).

In Beijing, new residential house prices dipped 0.1 percent month-on-month, while Shanghai prices fell 0.2 percent. House prices in Shenzhen, a southern metropolis neighboring Hong Kong, slid 0.4 percent.

Year-on-year, house prices in the three cities have risen 28.4 percent, 31.7 percent and 23.8 percent, respectively.

According to the NBS, new residential house prices in second-tier cities rose 0.2 percent on a monthly basis, retreating 0.2 percentage points from the growth seen in November.

Third-tier cities saw new residential house prices gained 0.4 percent month-on-month, down from a 0.8 percent increase in November.

"Monthly growth in the country's 15 first-tier and major second-tier cities have slowed and house prices have stabilized as local governments' tightening measures took effect," said NBS statistician Liu Jianwei.

Since October, dozens of Chinese cities have announced measures, including purchase limits and tightened mortgage restrictions, to prevent prices rising out of control.