Property prices up despite market correction concerns

China's property prices increased in February despite growing concern over a market correction.

On a monthly basis, four cities saw prices drop last month and nine were flat, the National Bureau of Statistics said on Tuesday. In January, six cities experienced home price losses while two remained stable.

The biggest price gain was capped at 0.7 percent month-on-month, and the price fall was restrained at 0.2 percent.

On a yearly basis, only Wenzhou in eastern China's Zhejiang province, saw prices decrease last month, and it was also the only city to experience a year-on-year drop in January.

Shanghai, with a yearly price increase of 18.7 percent, led the 70-city list, followed by Shenzhen and Guangzhou with gains of 15.9 percent and Beijing at 15.5 percent. Wenzhou experienced the biggest year-on-year price drop of 4.1 percent.