China's housing market continues to ease in October

Aerial photo taken on Feb. 17, 2020 shows buildings under construction in Nanguan District of Changchun City, northeast China's Jilin Province. (Xinhua/Zhang Nan)

China continued to see its housing market ease in October under strengthened market regulations, according to the National Bureau of Statistics (NBS) Monday.

New home prices in four first-tier cities stood unchanged in October from September, the same with the month-on-month change in the previous month, according to the NBS data.

Prices of second-hand homes in the four cities edged down 0.4 percent in October from that in September, the same with the month-on-month change in the previous month.

A total of 31 second-tier cities saw month-on-month decline of 0.2 percent in new home prices, while 35 third-tier cities saw month-on-month decline of 0.3 percent in new home prices.

On a yearly basis, new home prices in the four first-tier cities increased 5 percent in October, while prices of second-hand homes in the regions climbed 6.7 percent from a year earlier.

The latest data came amid the country's strict housing sector regulations, which follow the principle -- "housing is for living in, not for speculation."

China's investment in property development rose 7.2 percent year on year in the first 10 months of this year, NBS data showed.

During the period, property investment stood at around 12.49 trillion yuan (about 1.95 trillion U.S. dollars).

Compared with the same period in 2019, property investment climbed 14 percent, putting the two-year average at 6.8 percent, NBS data showed.

Investment in residential buildings went up 9.3 percent from a year earlier to 9.43 trillion yuan in the first 10 months.