China's housing prices grow slower in Feb

Housing prices in China's 70 large and medium-sized cities increased by 10.9% in February, compared with the corresponding period of last year, and down 0.4% from January, according to the National Development and Reform Commission.

Prices for new apartments surged 11.8%, while prices for used flats were up 11.5%. Housing prices in Urumqi, the capital of northern China's Xinjiang Uygur Autonomous Region, continue to keep the highest growth rate, with an increment of 24.2%, followed by 18.9% growth in both Ningbo and Haikou.

However, the prices declined in cities such as Chongqing, china's southwestern city, with 1.7%.

The property prices in China's major cities surged 11.3% year-on-year in January. The slowdown in the pace of price growth in February is due to the government's macroeconomic policy, which took effects in the fourth quarter last year, according to Qi Ji, Vice Minister of Construction.