China's property market continued to cool down as total floor space of sold apartments in major Chinese cities in November experienced the first year-on-year decline in 21 months.
In November, some 19.9 million square meters were sold in 30 major cities, 4.2 percent less than the same period last year, according to statistics compiled by E-house China R&D Institute.
On a monthly basis, the decline is 10.5 percent, with Beijing and Shanghai dropping 7.9 percent and 24.6 percent, respectively.
Second- and third-tier cities also posted month-on-month declines, with eastern cities of Hangzhou and Suzhou leading the retreat.
The decline came after Chinese authorities introduced a slew of measures in October to rein in house prices and contain speculative house purchases, including purchase limits and tougher mortgage limits.
New restrictions were imposed this month, with Shanghai lifting minimum down payment requirements and raising interest rates by 10 percent for second-time borrowers from the government's Housing Provident Fund.
The year-on-year decline is expected to continue in December with less speculative home buyers, said Yan Yuejin, senior researcher with E-house China R&D Institute.
It proves the effectiveness of the cooling policies and means narrowed home price rises in a more stabilized market, Yan said.
