Property prices remain stable in 70 major cities

House prices in major Chinese cities remained stable in August as the government continued to implement strict regulation of the real estate market, official data showed on Tuesday.

The National Bureau of Statistics reported that new home prices in China's four first-tier cities (Beijing, Shanghai, Guangzhou and Shenzhen) rose 0.3 percent month-on-month, reporting the same increase as the previous month.

Meanwhile, the price of secondhand housing in the four first-tier cities was flat compared with the previous month. On a yearly basis, prices decreased by 0.2 percent, marking the first decline since last June.