Last month, prices of Beijing's new commercial housing fell by 0.1 percent on a month-on-month basis, marking the first decline since March 2015, according to the statistics authorities.

The growth rate ranked 51th among 70 large-and-medium-sized cities in China, meaning that policies aimed at regulating Beijing's real estate market have taken effect and that the rapid rise in the city's housing prices has been temporarily curbed.

2016 saw the price index of Beijing's new housing and second-hand housing up in the first and third quarter, down in the second quarter. After the new policies designed to curb housing market were released on Sep. 30, property prices were reined in, leading to a decline in transaction volume in the fourth quarter.

The prices of new commercial housing rose by 4.9 percent in September compared with August. With the advent of regulation, prices went up by 0.6 percent in October and down by 0.1 percent in December. In December, 4,813 new commercial homes were sold, a decline of 52.9 percent compared with the same period in 2015.

This year the city will adopt multiple means and comprehensive policies to stabilize house prices. The city will renovate 36,000 units of shanty houses and provide these residents with improved living conditions. Additionally, more diversified and low-cost small and medium-sized houses will be supplied.

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