SHANGHAI: Home prices in nearly three-quarters of China's major cities fell in December from November, data released Wednesday showed, as the government stood firm on reining in property speculation.
China has introduced a range of measures aimed at curbing the real estate market since last year, such as bans on buying second homes in some cities, hiking minimum down-payments and introducing property taxes.
Fifty-two out of 70 cities tracked by the government recorded month-on-month falls in new home prices, the National Bureau of Statistics said in a statement, with the total up slightly from 49 in November.
Home prices in only two cities rose in December from the month before, while 16 others were flat, it said.
China's property market weakened last year, reflected in slower investment and sales, as the government sought to bring down runaway housing prices on fears of a speculative bubble.
Figures released Tuesday showed housing sales -- excluding government subsidised homes -- rose 12.1 percent to 5.91 trillion yuan ($938 billion) last year, a slowdown from 18.9 percent growth in 2010.
Investment in all types of property rose an annual 27.9 percent to 6.17 trillion yuan in 2011, slowing from growth of 33.2 percent in 2010, the statistics bureau has said.
Property developers were hit hard last year by the policies and a lack of funds after the government hiked interest rates and restricted bank lending to rein in surging inflation and cool real estate prices.
In December, China moved to ease credit by trimming bank reserves but the property industry is waiting to see if the government might ease measures aimed specifically at the sector.
Renmin University said in November that the government will likely relax some property market curbs in 2012 due to concerns that slumping prices could hurt economic growth.
But Chinese officials say the measures will remain in place for now. Shanghai Mayor Han Zheng said this week that the commercial hub, among China's most active property markets, would maintain the control policies.
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