Shenzhen home prices down in February

Average prices for new homes in Shenzhen decreased 8% to US$2,063 (RMB14,737) per square meter in the month to February 21 , the China Securities Journal reported, citing a survey by the Shenzhen Zhongyuan Real Estate Research Center. A total of 2,264 new residences covering 209,000 square meters were sold in the period, down 4% and 7% from the same period a month earlier. The survey attributed the downturn to a seasonal transfer of consumption spending during the Chinese New Year holiday and tightened government policies.