China's property prices dive 0.4% in Dec

China's real estate prices fell by an average 0.4% in December 2008 from a year earlier, which is the first year-on-year decline since July 2005, according to statistics released by China's National Development and Reform Commission (NDRC).

The house prices in 70 major Chinese cities in December plunged 0.5% from a month earlier. Prices of newly built houses and high-end residential apartments fell 0.8% and 1.1% year on year. Prices of second-hand flats during the month edged down 0.1% compared with the same period of last year.

However, the price of affordable houses in December added 0.6% year-on-year, said NDRC.