New home sales in China's first- and second-tier cities declined during the National Day holidays.
In Guangzhou, capital of South China's Guangdong Province, 485 new apartments were sold during the holiday period, down 88.5 percent year-on-year and the lowest level since 2014, according to data released by house.163.com on Monday.
In Shanghai, 177 new homes were sold, down 75 percent year-on-year, the lowest figure in seven years, data from property agency lianjia.com showed on Monday.
Local governments have continued to announce policies to rein in property markets. In Sanya, capital of South China's Hainan Province, homebuyers who have not acquired local resident permits, are not allowed to purchase apartments unless they can provide documents showing they have made social security payments for at least two years, according to a new policy the local housing regulator announced on Monday.
