Property sales in 26 major cities in the Chinese mainland dropped 50.5 percent last week in comparison with the previous week, domestic news portal cnstock.com reported Tuesday, citing data from the China Index Academy.
This indicates that local governments' recent measures to cool the real estate market started to work.
Data monitored by the academy showed that sales in second-tier cities fell nearly 50 percent over the reported period. At the end of last year, the Central Economic Work Conference set the tone for the property market this year, calling for stable and healthy development.
