Citing the country's falling property prices and its spillover effects on the construction sector, the Asian Development Bank (ADB) has trimmed its economic growth forecasts for China for 2014 and 2015.

The Manila-based lender said China's economic growth will slow to 7.4 percent this year from an earlier forecast of 7.5 percent it announced in September.

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For 2015, the ADB said China's economic growth will further slow to 7.2 percent from an earlier forecast of 7.4 percent, saying the continuous fall of property prices in the country will pull down the growth of the economy.

Despite the government's effort to energize China's property market, new home prices in 68 of 70 major cities dropped last month for a third consecutive month, the National Bureau of Statistics (NBS) said.

The NBS said average home prices in 70 major cities that it has been monitoring fell 3.7 percent in November, after dropping 2.6 percent a month earlier.

The November figure further intensifies concern that the country's property market, which takes up about 15 percent of China's economy, could pull down the economic growth for next year.

Also, the ADB trimmed its gross domestic product growth projection for the Asia Pacific region from 6.2 percent to 6.1 percent in 2014 and from 6.4 percent to 6.2 percent in 2015.

However, the ADB said the continuous drop in prices for oil should help economies in the region push through with growth reforms.

Meanwhile, the NBS revealed that China's GDP last year has been revised up 3.4 percent due to an upward revision of contribution from the country's services sector.

The revision now means that China's economy for 2013 was valued at Renminbi 58.80 trillion, or about US$9.5 trillion.

The figure is Renminbi 1.92 trillion (US$30 billion) more than the official figure released in January, the NBS said.

"The revision basically will not affect the economic growth rate for this year, which is to be released next month, because the calculation is based on comparable data," a statement released by the NBS said.

TagsChina GDP, China Property