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Chinese urban home prices down 1.2% in February

(Xinhua)
Updated: 2009-03-10 16:04

BEIJING  -- Prices of new and existing homes in 70 large and medium-sized Chinese cities fell 1.2 percent year-on-year in February, the government said Tuesday, the third monthly decline in a row.

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The decline was 0.3 percentage points larger than the month-earlier level, according to a joint statement by the National Development and Reform Commission and the National Bureau of Statistics.

Prices of newly built homes in 30 cities dipped year-on-year last month, with the southern cities of Shenzhen and Guangzhou recording the largest declines of 16.3 percent and 8.9 percent, respectively.