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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China house prices fall for first time since 2005: state media AFP - 2 hours 15 minutes ago BEIJING (AFP) - - Chinese property prices fell in December for the first time since 2005, state media reported on Saturday, quoting official figures. The price of housing in 70 major cities fell 0.4 percent year-on-year, Xinhua news agency said, quoting from a statement issued by the National Development and Reform Commission, the country's top economic planning agency, and the National Bureau of Statistics. The southern boom town of Shenzhen, which neighbours Hong Kong and symbolises the country's economic reforms, saw the largest fall, with prices down 18.1 percent. Property prices in the 70 cities were down 0.5 percent compared with November. Xinhua said it was the first fall since July 2005, when the government started publishing the figures. Since November, the authorities have exempted property transactions from stamp duty and capital gains tax in an attempt to avoid a crash in the property market, which accounts for more than 20 percent of the country's urban fixed-asset investment. Local authorities in several regions have already taken initiatives to boost the real estate market, including preferential rates for buying housing. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China announces aid package to assist poor: state mediaAFP - 2 hours 9 minutes ago China house prices fall for first time since 2005: state mediaAFP - 2 hours 15 minutes ago Small business woes have big impact on economyAP - 2 hours 49 minutes ago China denies closing rail industry to foreign manufacturersAFP - 2 hours 59 minutes ago Related Articles: Business Naftogaz head: no deal with Gazprom on '09 supplyReuters - 1 hour 51 minutes ago GlobalPost offers world news to ailing U.S. papersReuters - 1 hour 55 minutes ago SNAPSHOT - Financial Crisis - 1905 GMTReuters - 2 hours 2 minutes ago China announces aid package to assist poor: state mediaAFP - 2 hours 9 minutes ago SAfrica's ANC launches its campaign manifestoAP - 2 hours 15 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Citigroup: 2-billion-dollar exposure to LyondellBasell Is Tintin gay? Cartoon birthday boy dogged by rumours Half the planet could be hit by food crisis by 2100: study Marks & Spencer to axe 1,230 jobs and close 27 stores Finance fights sex for Aussie dictionary honour View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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