House prices in China's largest cities fall in January
New home price gains in China accelerated last month even as those in the country's major cities registered their first decline in over two years.
Average new home prices in China's 70 largest urban centres advanced at a 5% year-on-year clip in January, according to data from the National Bureau of Statistics, and by 0.3% versus December.
However, according to the NBS prices in so-called Tier 1 cities fell - including in Shanghai, Guangzhou and Shenzhen - while the rate of price increases slowed in Tier 2 and Tier 3 cities.
Monday's data followed moves by provincial authorities to help first time buyers and those seeking to upgrade their homes, even as Beijing implemented measures designed to curb speculation such as purchase restrictions.
January's NBS data excluded prices for affordable housing, including which home prices gained at a 5.3% pace in December.