BEIJING, Feb. 13 (Xinhua) -- China's property sales have fallen since the government began tightening and analysts expect more to be done in 2017 to deflate the bubble.
The China Index Academy, a real estate research institute, said property sales in China dropped 36.7 percent month on month in January, in terms of floor space.
On a yearly basis, sales fell by 27.3 percent in January, with Beijing and Shenzhen declining by nearly 50 percent, according to the China Index Academy.
From Jan. 1, banks in Beijing raised mortgage rates for first home buyers. On Jan. 19, Shenzhen tied new home prices to the average price of houses on sale in the neighborhood. On Feb. 6, Chongqing also tightened its policy.
"Houses are built to be inhabited, not for speculation" -- the tone set by the central leadership at the Central Economic Work Conference in December -- was written into a number of local governments' annual work reports, including Shanghai.
Besides measures taken since October last year, dozens of cities have announced purchase limits and tightened mortgage restrictions after two years of easing, starting with the relaxation of purchase restrictions in 2017.
Recovery, however, has been patchy, with economically strong areas reporting price rises and less developed areas still reporting huge inventories of unsold homes.
Policymakers are trying to reduce credit flowing into speculative buying to curb asset bubbles in 2017, calling for a long-term, market mechanism that prevents bubbles and reduces the need for big changes in investment, law, and fiscal tools.
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