Property prices in China fell at a record pace in February, underscoring the slowdown in the world's second largest economy.
Prices fell 5.7 per cent year-on-year last month, based on calculations by Reuters from official data published by China's National Bureau of Statistics. In January, they had deflated at a pace of 5.1 per cent.
Prices have cooled in recent months as the economy slows. Over the weekend Chinese policymakers set out a new GDP growth target of "around 7 per cent" this year, but Premier Li Keqiang admitted "it will by no means be easy for us to reach this target." Many mid-sized Chinese cities also suffer from a glut of supply.
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