New and used home prices fell in China's major cities in February as the country's property market decline deepened.
The National Bureau of Statistics said on Friday that the average prices of new homes in the richest cities, so-called first-tier cities, fell by 1 percent from the previous year, while prices of used homes fell by 6.3 percent.
In the southern cities of Guangzhou and Shenzhen, new home prices fell by 4.6 percent and 4.8 percent, respectively. This week, Moody's downgraded its debt rating on Fanke, a large state-backed developer based in Shenzhen.
The mainland Hang Seng Property Index, which tracks large Chinese developers listed in Hong Kong, fell 2.2 percent.
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