Property prices drop in more cities

BEIJING - Property prices dropped in more Chinese cities both on a monthly and annual basis in December as the market cooled following the government's persistent tightening efforts.

In December, 52 cities out of the statistical pool of 70 major cities saw drops in new home prices from November, compared with 49 cities the previous month, the National Bureau of Statistics (NBS) said on Wednesday.

New home prices in 16 cities stayed flat last month from November, while only two cities reported price hikes, which were all below 0.1 percent, according to a statement posted on the NBS website.

On a year-on-year basis, nine cities out of the 70 saw new home price declines in December, up from four in November. Growth of new home prices eased in 55 cities, the NBS said.

Meanwhile, prices of resold homes fell in 51 cities from November to December, while 29 cities saw drops in resold home prices from a year earlier, up eight cities from November, it added.

Since 2010, the country has imposed a raft of measures aiming to calm property prices. Those measures include higher down payments, a ban on third-home purchases, a property tax in some cities and the construction of low-income housing.