China's home prices remain stable in January

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Home prices in 70 major Chinese cities largely remained stable in January, official data showed Friday.

New home prices in China's four largest cities of Beijing, Shanghai, Guangzhou and Shenzhen edged up 0.4 percent month on month in January, 0.9 percentage point lower than December, according to the National Bureau of Statistics (NBS).

Meanwhile, new home prices climbed 0.7 percent in 31 second-tier cities, and rose 0.6 percent in 35 third-tier cities

Liu Jianwei, an NBS statistician, said that real estate prices in January remained stable as local governments continued cooling measures based on specific conditions.

A residential area in Shanghai /VCG Photo

Prices for second-hand houses edged down in January, with first-tier and second-tier cities down 0.1 percent month on month, third-tier cities up 0.2 percent, but down 0.1 percentage point compared with December, according to Liu.

Seventeen cities saw a drop in second-hand home prices in January, and it is the fourth consecutive month that over ten cities registered a month-on-month fall in second-hand home prices.

On an annual basis, January's home prices in 70 major cities rose 10 percent, accelerating from the 9.7 percent increase in December.