Housing prices in China cities down in May

BEIJING - Housing prices in 100 surveyed Chinese cities fell 0.31 percent in May from April, marking a ninth consecutive decline, data from the China Index Academy showed.

The average housing price in these cities stood at 8,684 yuan ($1,372) per square meter last month, down 1.53 percent year on year, the data showed.

The figures indicated that home prices in the world's second-largest economy remained the downward trend, the Xinhua-run Shanghai Securities Journal reported Saturday.

Meanwhile, the average home price in the country's top ten cities including Beijing and Shanghai reached 15,314 yuan per square meter last month, down 0.5 percent from April, the data showed.

However, new home transactions in the ten cities surged 22.6 percent during the first three weeks in May from a month ago, the data showed.

The report said the government's strict property control measures, including tighter lending policies, higher down payments and a ban on third-home purchases, have been effective in dampening price rises.

Zhang Dawei, a property market analyst with Centaline Property, predicted that house prices in the country are not likely to rebound sharply in the future, and the government will not easily relax control.