BEIJING Feb 4 New home sales in Shenzhen, one
of China's hottest residential markets, slumped 23.6 percent by
volume in January compared with a month earlier, the official
Xinhua news agency reported on Saturday, citing local government
Xinhua said homes sales in the southern Chinese metropolis
dropped due to ongoing government measures to cool the market as
well as the approach of the Lunar New Year holiday, which fell
on Jan. 28 this year.
However, the average transaction price eased only 0.03
percent from December, according to Xinhua, citing data from the
Urban Planning, Land and Resources Commission of Shenzhen.
In 2016, prices in Shenzhen, Shanghai and Beijing soared
23.5 percent, 26.5 percent and 25.9 percent, respectively, from
a year earlier.
China's economic expansion last year was partly driven by
the country's surging real estate market.
(Reporting by Ryan Woo; Editing by Sam Holmes)