Source : Business Times - 12 Feb 2009
Chinese urban property prices fell by 0.9 per cent in January from a year earlier, the government said on Thursday, the steepest annual decline since official records began in 2005.
But the month-on-month decline of 0.2 per cent in January was softer than the 0.5 per cent fall in December, the National Development and Reform Commission (NDRC) said, offering a measure of optimism that the housing market is near to bottoming out.
The property sector is a pillar of the Chinese economy, accounting for about a quarter of all investment, so a sustained downturn in prices would weigh heavily on business activity and feed into the broader deflation threat.
The 0.9 per cent annual drop in average property prices across 70 large- and medium-sized cities was down from December’s decrease of 0.4 per cent, the NDRC said on its website.
The fall in December had been the first annual drop on record since the NDRC, which compiles the data together with the National Bureau of Statistics, began publishing the index in July 2005.
Early last year, property prices had been increasing at a double-digit pace on an annual basis.
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