China sees residential property sales rise in January

The month-on-month sales prices of commercial residential properties in China's first-tier cities recorded a sustained rise in January, while the second and third-tier cities saw a modest overall decline, data collected from 70 large and medium-sized cities by the National Bureau of Statistics showed on Wednesday.

In the country's first-tier cities, namely, Beijing and Shanghai, as well as Guangzhou and Shenzhen in Guangdong province, new home prices climbed up 0.1 percent in January over the previous month, representing a 0.1 percentage point decline in the pace of increase from the prior period, the NBS said in a news release.

Prices of second-hand homes in first-tier cities rose 0.1 percent in January, a 0.2 percentage point slowdown from the previous month.

In January, the sales prices of new residential properties in second-tier cities recorded a month-on-month uptick of 0.1 percent, marking the first increase since June 2023. Second-hand housing in these cities marked a month-on-month decline of 0.3 percent in sales prices, maintaining the same pace of decrease as the previous month.

The month-on-month sales prices of new commercial housing and pre-owned properties in third-tier cities have declined by 0.2 percent and 0.4 percent, respectively.