AsianFin--New commercial residential property prices in China’s first-tier cities fell by 4.2% year-on-year in August, matching the decline seen in the previous month, according to data released by the National Bureau of Statistics on Friday.

Among the first-tier cities, Beijing, Guangzhou, and Shenzhen experienced declines of 3.6%, 10.1%, and 8.2%, respectively, while Shanghai saw an increase of 4.9%.

In contrast, second- and third-tier cities witnessed larger decreases in new home prices, with year-on-year declines of 5.3% and 6.2%, respectively. These declines were 0.5 and 0.4 percentage points higher than those recorded in the previous month.

Additionally, the prices of second-hand residential properties in first-tier cities dropped by 9.4% year-on-year in August, an acceleration of 0.6 percentage points compared to the prior month. Beijing, Shanghai, Guangzhou, and Shenzhen saw declines of 8.5%, 5.8%, 12.5%, and 10.8%, respectively. Second- and third-tier cities experienced year-on-year drops of 8.6% and 8.5% in second-hand home prices, with both categories seeing a 0.4 percentage point increase in the rate of decline from the previous month.