Prices of both new and second-hand homes in major Chinese cities fell in February as the downturn in China's real estate market intensified.
The National Bureau of Statistics said on Friday that the average price of new homes in the richest cities, the so-called first-tier cities, fell 1% from the previous year, while the average price of second-hand homes fell 6.3%.
In the southern cities of Guangzhou and Shenzhen, prices of new homes fell by 4.6% and 4.8% respectively. This week, Moody's downgraded the debt rating of China Vanke, a large state-owned developer based in Shenzhen.
The Hang Seng Mainland Property Index, which tracks large Chinese developers listed in Hong Kong, fell 2.2%.
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