Chinese authorities' regulatory restrictions to cool the housing market appear to be having little impact on property prices.
Latest figures show that the average price of new homes in 70 Chinese cities rose by 0.3% in the month of February following four straight months of decline.
This sparked last Friday's (17 March) directive from Beijing's municipal government - that lifted the down payment for second home purchases by 10 percentage points to around 60%-80% -- as the Politburo would have known the numbers in advanced. Beijing property prices increased by 22.1% in the year to February while those in Shanghai and Shenzhen rose by 21.1% and 13.5%, respectively.
Then again, there's still a bit of good news. The annual rate of change in the average price of new homes in the 70 Chinese cities have slowed to 11.8% last month, the third straight month of easing prices since the 12.6% peak recorded in November last year.