China's housing market showed signs of improvement in January as home price declines in 70 large and medium-sized cities generally narrowed from the previous month, official data showed on Friday.
In the four first-tier cities -- Beijing, Shanghai, Guangzhou and Shenzhen -- prices of newly built homes edged down 0.3 percent month on month in January, while prices of second-hand homes slipped 0.5 percent, according to the National Bureau of Statistics (NBS).
Meanwhile, across 31 second-tier cities, the average month-on-month price declines were 0.3 percent for new homes and 0.5 percent for resold homes, while prices in 35 third-tier cities fell 0.4 percent for new homes and 0.6 percent for resold homes.
On a year-on-year basis, however, the downward pressure persisted as price declines widened in all city tiers, the NBS data showed.
China has maintained policy support for the real estate sector and is seeking to build a new development model amid shifting supply-demand dynamics.
Authorities have recently repeatedly stressed the need to promote higher-quality development in the property sector.
China will adhere to a city-specific, targeted policy approach, focusing on controlling new supply, reducing inventory, and improving housing quality, said Ni Hong, minister of housing and urban-rural development.
Efforts will also be made to support developers' reasonable financing needs and to better meet residents' essential housing needs and demand for better housing, he added.
China's home price declines ease in January
With the Chinese New Year just around the corner, cities across China are hosting vibrant events to welcome the upcoming year.
The Spring Festival will fall on Feb 17 this year, ushering in the Year of the Horse, the seventh of the 12 animals in the Chinese zodiac.
In Beijing, shopping malls and supermarkets are bringing in holiday markets, where red lanterns and fortune decorations create a joyful atmosphere. Some of the markets feature traditional products for the holiday such as Spring Festival couplets and other decorative items, while others offer a collection of global delicacies - from Thai durian to Spanish ham, to give give shoppers diverse holiday experiences.
"I'm doing some holiday shopping. I bought couplets, and this big persimmon toy symbolizing good luck, which I quite like. It's very creative," said Chang Guangcheng, a shopper.
Shanghai has launched over 2,000 cultural and tourism activities, including shows, intangible cultural heritage fairs and exhibitions. An indoor ski resort creatively staged a striking "Yingge dance on snow" show combining the southern China folk dance with ice and snow activities and performed by international performers.
"Overall visitor traffic increased by nearly 70 percent (since January). We expect the total visitor flow to the resort during this Spring Festival to increase by about 20 percent year-on-year," said Wang Xiaobo, a resort manager.
In the countryside, folk activities for Spring Festival are drawing visitors looking for a fresh experience. In Fujian Province's Pingnan County, villagers and tourists gathered on the 900-year-old Wan'an Bridge for a traditional banquet featuring dragon dances and folk singing - a custom preserved for over a century.
"So many people, all sitting together on this bridge in a lively atmosphere - it was the first time I'd ever experienced such a bustling scene. We enjoyed delicious food and had a great time," said Lin Huifang, a tourist.
Meanwhile, tourists attractions are staging Chinese New Year parades to draw holiday visitors. In Yunnan Province's Huize Ancient Town, a parade featuring activities visitors can participate created an imperative experience for travelers.
"I had a very fruitful day," said Zhao Yixun, a young girl.
"I won two prizes, which made me very happy," said another girl named Li Yuetong.
China gears up for Spring Festival with colorful celebrations
