China's soaring housing market showed signs of mild slowdown in the month of October, after the Chinese government imposed a number of restrictions on real estate transactions in the recent past. Seven of the large- and medium-sized cities recorded housing price decrease on month over month basis in October.

Like Us on Facebook

According to the data released by National Bureau of Statistics, 62 of the 70 cities surveyed by the government showed property price gains. Seven cities showed decline in the housing price, up from six cities showing decline in the previous month. The prices remained unchanged in one city.

Real estate prices in first-tier and second-tier cities showed mild signs of cool down in the latter half of October. Shenzhen, one of the most attractive property destinations in the country, showed 0.5 percent decline in home prices in the month of October. This fall marked the first instance of growth decline in two years.

Similarly, Beijing and Shanghai have recorded 0.4 percent and 0.1 percent decline, respectively, during the second half of October. The average increase in the new home prices in all the 70 cities stood at 1 percent for October month. The National Bureau of Statistics said, "Property prices stabilized in the second half of October."

The data are likely to be welcomed by authorities as they take several steps to keep the market prices under control. The housing ministry of the country is inspecting developers and agents for misleading promotions and dubious financing schemes including peer-to-peer lending.

Real estate is considered a safe investment option in China. Shenzhen housing price has shown 75 percent increase since early 2015. 

TagsNational Bureau of Statistics, Shenzhen, Beijing