China house prices continue to stabilize

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China's hot property market in major cities has continued to stabilize after authorities took a host of measures to contain prices, according to an official survey on Wednesday.

Of 70 large and medium-sized cities surveyed, 46 saw prices for new residential housing climb on monthly basis in December, down from 55 in November and 62 in October, according to the National Bureau of Statistics (NBS).

46 Chinese cities out of 70 being surveyed saw housing prices climb month on month in December, down from 55 in November, according to a fresh report on China's property market released by the National Bureau of Statistics. /CFP

In Beijing, new residential house prices dipped 0.1 percent month on month, while Shanghai prices fell 0.2 percent. House prices in Shenzhen, a southern metropolis neighboring Hong Kong, slid 0.4 percent.

According to the NBS, new residential house prices in second-tier cities rose 0.2 percent on a monthly basis, retreating 0.2 percentage points from the growth seen in November.

In December, new residential house prices in Beijing dipped 0.1 percent month on month. /CFP Photo

New residential house prices in third-tier cities gained 0.4 percent month on month, down from a 0.8 percent increase in November.

"Monthly growth in the country's 15 first-tier and major second-tier cities have slowed and house prices have stabilized as local governments' tightening measures took effect," said NBS statistician Liu Jianwei.

Since October, dozens of Chinese cities have announced measures, including purchase limits and tightened mortgage restrictions, to prevent prices from rising out of control.

(Source: Xinhua)‍