According to the National Bureau of Statistics, prices of new homes in mainland China grew at their slowest pace in 10 months in February.

Across 70 cities monitored by the government, prices edged up by 0.53 per cent last month, their slowest pace since April 2018 and down from 0.61 per cent in January. In annual terms, prices for new housing across 70 large cities rose 10.4 per cent. That marked the equal-quickest gain in 21 months.

The prices of new homes rose in 57 out of the 70 cities covered, down from 58 in January and 59 in December. In particular, 35 smaller cities categorised by the bureau as tier 3 towns reported a 0.4 per cent increase, slower than a 0.6 per cent increase a month earlier and the 0.7 per cent gain registered in tier 2 cities.

National Bureau of Statistics said, property sales by area declined by 3.6 per cent year on year across China, and by 2.8 per cent in value against a 12.2 per cent increase last year.