In February this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities remained stable month on month, 0.4 percentage points slower than the growth recorded in January this year, as announced by China's National Bureau of Statistics (NBS). Meanwhile, in second-tier cities the month-on-month growth rate of new house prices in the given month was 0.1 percent, 0.1 percentage point slower compared to the year-on-year growth rate in January, while in third-tier cities the month-on-month growth rate of new house prices in January was 0.1 percent, 0.3 percentage points slower than in January.
In China’s second-tier cities, prices of second-hand houses in February saw a year-on-year rise of 3.0 percent, 0.4 percentage points slower compared to the year-on-year growth rate in January. In third-tier cities, the year-on-year growth rate of second-hand house prices in February was 3.3 percent, 0.4 percentage points lower compared to the year-on-year growth rate recorded in January.
New house and second-hand house prices in second-tier cities indicated slower year-on-year growth for the tenth consecutive month, while in third-tier cities new and second-hand house prices indicated slower or the same year-on-year growth for the eleventh consecutive month.
While the sudden outbreak of the coronavirus has seriously affected the Chinese real estate market, China has taken measures to ensure the stable development of the market.