New home sales drop

Sales of new homes in 54 major Chinese cities dropped 13.8 percent year-on-year in February, Xinhua reported Sunday, citing data from the Centaline Property Research Center.

A total of 135,600 new homes were sold in 54 major cities monitored by the center in February, down around 35 percent from January, the data said.

Due to the tightening of property loans, home buyers are adopting a wait-and-see attitude, said Zhang Dawei, research director at the Beijing office of Centaline Property.

Prices of homes in cities where there is an oversupply and a slowdown in the growth of population may drop in the year, Zhang said.