Key cities see narrowed home price declines last month

Major Chinese cities continued to report narrowed year-on-year declines in overall home prices in August, pointing to further signs that China's property market is bottoming out.

In the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, new home prices fell 0.9 percent year-on-year, 0.2 percentage points narrower than the previous month, according to data released by the National Bureau of Statistics on Tuesday.

Second-hand home prices in the four cities dropped 2.7 percent year-on-year overall, with the decline narrowing from 3.7 percent in July.