BEIJING, March 10 (Xinhua) -- 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.
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 fell 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.
On average, prices for newly built homes were down 1.8 percent from a year earlier. The decline was 0.4 percentage points larger than in the previous month.
