March 18, 2014 / 1:40 AM / 4 years ago

China new home prices rise 8.7 pct y/y in February

BEIJING, March 18 (Reuters) - Average new home prices in China’s 70 major cities rose 8.7 percent in February from a year earlier, easing from the previous month’s 9.6 percent rise, according to Reuters calculations based on official data published on Tuesday.

In month-on-month terms, prices rose 0.3 percent in February, slowing from January’s rise of 0.4 percent.

The National Bureau of Statistics said new home prices in Beijing rose 12.2 percent in February from a year earlier, compared with January’s year-on-year increase of 14.7 percent.

Shanghai’s home prices were up 15.7 percent in February from a year ago, versus 17.5 percent annual growth in January.

China’s property market has shown initial signs of losing steam since late 2013 as local governments took further tightening measures and banks gradually tightened lending to this sector.

Reuters started its weighted China home price index in January 2011 when the NBS stopped providing nationwide data, only giving home price changes in each of 70 major cities. (Reporting By Xiaoyi Shao and Kevin Yao; Editing by Chris Gallagher)

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