China home prices fall in February

Home prices declined in most Chinese cities in February as 66 saw month-on-month price drops among 70 surveyed cities, the National Bureau of Statistics announced on Wednesday.

Of 70 large and medium-sized cities surveyed, new home prices dipped in 66 in February from the previous month, according to data released by the National Bureau of Statistics (NBS) on Wednesday.

New home prices were flat in Wuhan and Luzhou last month, while Shenzhen and Ganzhou saw prices inch up 0.2 percent and 0.1 percent respectively from January, the NBS data showed.

For existing homes, 61 cities saw price declines in February on a monthly basis, while five cities posted gains, and four reported flat prices.