Property Prices Fell in China

Property prices in China fell 5.7 per cent last month, based on official data published by China’s National Bureau of Statistics.

It also had deflated at a pace of 5.1 per cent in January, which drop a hint of the world’s second largest economy slowdown.

Over the weekend Chinese policy makers set out a new GDP growth target of “around 7 per cent” this year, but Premier Li Keqiang admitted “it will by no means be easy for us to reach this target.” Many mid-sized Chinese cities also suffer from a glut of supply Reuters reported.

Property prices fell in 69 of the 70 cities tracked. In Beijing they fell 3.6 percent year-on-year. In Shanghai prices slipped 4.7 percent, from 4.2 percent in January.