Housing prices tumble in mainland cities

Guangzhou (CNS) -- The average urban housing prices in 100 mainland cities dropped in December to 8,809 yuan per square meter, 0.25 percent lower than last month, show figures released by the China Index Academy in Guangzhou, Wednesday.

The figure for Guangzhou also dropped 0.68 percent since November, sharpest dip of the year, amounting to 15,194 yuan per square meter, noted the academy, a pioneer in China's real estate industry analysis.

Housing markets in 37 of 100 mainland cities still have life enough to inch up their housing price averages, while in 60 residences have became a little bit more affordable, and in three prices remain roughly the same.

In ten of the most developed cities, housing prices are trending downward; the average hit 15,588 yuan per square meter in December, which is 0.48 percent lower than November.

Experts in the academy predict the trend to go wider and sharper in the 100 cities being tracked and the more developed the city is, the more obvious it will be. Market watchers are waiting to see if major domestic real estate firms will turn to promotional gimmicks to draw back public attention.