China: real estate prices continue to decline

Tightening measures aimed at easing situation on the property market showed results in the 70% of the 70 largest cities surveyed. Nearly 49 out of 70 cities reported essential fall in the price level for new residential property in November. The price declined by 0.4% in Beijing and Shanghai while Nanjing saw 0.7% drop. The government continues to decrease demand and stimulate supply to combat housing difficulties, said Chen Guoqiang, vice-chairman of the China Real Estate Society.