BEIJING: China's housing prices fell in February, a survey showed Saturday, renewing fears of weakening growth in the world's second-largest economy.
The average price of a new home in China's 100 major cities fell 0.24 percent from January to 10,539 yuan ($1,682) per square metre, according to the China Index Academy.
The figure represents a turnaround from January's 0.21 percent rise, according to academy data. Yet is in line with a longer-term trend prior to January, which saw prices drop for eight consecutive months.
On a year-by-year basis, prices fell 3.84 percent in February, greater than last month's 3.09 percent, according to the statement.
"February coincided with the Chinese New Year holiday, with companies' promotion efforts and price adjustments at their yearly low, and the property market as a whole has experienced fluctuations," the statement said.
It added that the market is expected to stabilise with the arrival of spring and anticipated micro-easing measures by the government.
The average price in the top 10 cities declined to 18,957 yuan per square metre, down 0.17 percent from a year ago, the statement said.
Only two of the top 10 cities -- Shanghai and the southern boom town of Shenzhen -- saw annual price rises. Shanghai was again the best performer with a 0.85 percent increase to 32,295 yuan per square metre.
Prices in the eastern city of Hangzhou, meanwhile, continued their decline, falling 11.17 percent from last year to 16,153 yuan per square metre.
China has previously sought to rein in runaway property prices, a source of discontent among ordinary citizens, by introducing market control measures including limits on buying second and third homes.
But local authorities rely on the property sector for a significant proportion of their income, and many cities rolled back some of the measures last year as China's economy slowed and the central government relented.
The central bank in September eased mortgage policies for the real estate sector and late Saturday imposed its second interest rate cut in four months.
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