Prices for new homes in China fell in more than 60 per cent of major cities in April from March, the government said Friday, as moves to curb the property market took effect. Out of 70 major cities tracked by the government, 43 registered month-on- month falls in house prices last month, although that number was less than the 46 cities recorded in March.
Prices were unchanged in 24 cities in April while only three cities saw price rises, the National Bureau of Statistics said in a statement. China has implemented several measures aimed at limiting runaway property prices for more than a year, including bans on buying second homes, hiking minimum down-payments and introducing property taxes in certain cities. Despite worries about the impact on the economy, authorities have shown little sign of easing their tight policies.