BEIJING (Reuters) – China’s new home prices dropped 0.1% in February, official data showed on Monday, as demand in the crisis-stricken sector remains subdued despite the government’s promises of more stimulus measures.
The drop followed two months of relatively steady prices, according to Reuters calculations based on National Bureau of Statistics data.
On a year-on-year basis, new home prices fell 4.8%, compared with a 5.0% drop the previous month.
In its annual work report earlier this month, the government said arresting the protracted slide in China’s property market was among its major tasks this year.
China will introduce city-specific policies for adjusting homebuying curbs and tap into the potential demand for first homes and better housing, policymakers said.
(Reporting by Yukun Zhang, Liangping Gao and Ryan Woo; Editing by Kim Coghill)
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