Changing dynamics in housing market 'normal'

BEIJING - Recent changes in the housing market are normal and should be viewed in a broader context, a Ministry of Housing and Urban-rural Development official stressed Wednesday.

Feng Jun, chief economic manager with the ministry, made the remarks when asked whether China's housing market is experiencing a "turning point" as sales have plunged in recent months.

Most indexes in the property market are actually rising, albeit at a slower pace, Feng noted, stressing the year-on-year drops in some areas are mostly due to a large comparison base last year.

He reiterated that the aim of property control policies is to create a balanced and steady market.

After a round of soaring prices, the housing market is showing increasing signs of cooling down. Sales of residential property fell 7.7 percent during the first quarter of 2014 to 1.1 trillion yuan ($175 billion). Month to month, home prices have been falling in more of the pool of 70 major cities surveyed by the National Bureau of Statistics.

Local govts limit discounts on property prices	China Vanke says property sector's 'golden era' over