New-home prices in 26 Chinese cities stopped rising in April from the previous month, suggesting a further weakening in the property market, the Economic Information Daily reported Monday, citing data released by the National Bureau of Statistics (NBS).
Eight cities, including Hangzhou, Ningbo, Wenzhou, Huizhou and Wuxi, saw new-home prices fall month on month, while those in 18 cities remained flat, the data showed.
Only 44 of the 70 cities monitored by the bureau saw price increases for the month, the report said.
On an annual basis, home prices grew in 69 cities with the highest growth at 13.9 percent, it said.
Prices of second-hand homes fell in 22 cities from the previous month, while those in 13 cities remained unchanged.
The growth of property prices in the 44 cities narrowed further in April, NBS senior statistician Liu Jianwei was quoted as saying.
Some cities, including Tianjin, Wuxi, Nanning, Ningbo and Zhengzhou, have eased restrictions on property purchases, cut taxes and offered subsidies to boost land sales, a major source of revenue for local governments, the newspaper said.
With a further decline in property prices, more than 30 cities are likely to ease property controls in the coming months, the report said.
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