China's home price growth slows

The cost of buying a home in major Chinese cities slowed in February, with fewer cities seeing month-on-month price rises, official data showed Tuesday.

The prices of new homes in 70 major cities last month tracked by the National Bureau of Statistics (NBS) rose by an average of 11.1 percent year-on-year, slowing by 1.3 percentage points from January, Xinhua reported citing an NBS statement.

The prices for existing homes rose 6.4 percent year-on-year, compared with an average growth of 7.4 percent in January, according to the statement.

On a month-on-month basis, 57 out of the statistical pool of 70 cities saw rises in new home prices, fewer than 62 cities in January. Prices dropped in four cities and stayed unchanged from a month ago in nine cities.