On Wednesday, a report indicated a marginal decline in the prices of new properties in major Chinese cities during December compared to November, Invest-Gate reports.

According to the National Bureau of Statistics, prices of new properties in the four first-tier cities, Beijing, Shanghai, Guangzhou, and Shenzhen, decreased by 0.4% last month. In contrast, resale property prices dropped by 1.1%.

Moreover, the data further reveals that new and resale property prices in 31 second-tier cities and 35 third-tier cities generally decreased in December compared to the previous month.

Furthermore, on an annual basis, the performance of new property prices in Chinese cities during December varied.

For new properties, first-tier cities recorded a 0.1% decrease in prices, second-tier cities saw a slight increase, while smaller cities experienced a 1.8% decline.

As for resale properties, there were year-on-year decreases in prices across cities of all tiers in December, according to the data.