China home prices decline in January

China's real estate market has continued a downward trend with new home prices in January registering month-on-month declines in most of surveyed cities.
The New home prices fell in most Chinese cities in January as 64 saw month-on-month price drops among 70 surveyed cities, the National Bureau of Statistics announced on Tuesday.
Meanwhile, new home prices were flat in Shanghai, Nanjing, Nanchang and Guangzhou last month, while Shenzhen and Ganzhou saw prices rise 0.3 percent and 0.2 percent respectively from December, Chinese News Agency (Xinhua) quoted the NBS data as showing.
For existing homes, prices in 61 cities declined in January from the previous month, while six cities recorded gains, and three saw prices flat.