China's home prices remain stable in December

Home prices in major Chinese cities largely remained stable in December as local governments continued to toughen up control of the housing market, official data showed Wednesday.

On a monthly basis, new house prices in China's four first-tier cities - Beijing, Shanghai, Shenzhen and Guangzhou - rose 1.3 percent in December, up 1 percentage point from the previous month, the National Bureau of Statistics said in a statement.

Meanwhile, resold house prices in the four cities continued to drop last month, dipping 0.3 percent on average.