SHANGHAI'S existing housing index climbed at a slower pace in February as the government's tightening policies largely dampened buying sentiment.

The index, which tracks price fluctuations of existing homes across the city, gained 5 points, or 0.18 percent, from a month earlier to 2,580, the Shanghai Existing House Index Office said yesterday. It rose 0.34 percent in January.

The prices of existing homes in five downtown districts in Puxi and Pudong's part within the Inner Ring Road rose an average 0.29 percent last month, compared to a gain of 0.48 percent in January. Meanwhile, the average price in 51 of the 74 areas monitored gained 0.3 percent while the remaining areas were either unchanged or dipped.

"The transaction volume of existing houses plunged some 70 percent in Shanghai month on month in February as the latest round of rein-in measures began to take effect," said Lu Bei, an analyst at the index office. "The wait-and-see sentiment started to prevail among buyers but housing prices still remained rather firm as owners are yet to yield."

Existing homes in Huaihai Road, Tianmu Road and Jiangqiao areas rose 0.48 percent from a month earlier, the largest gain of all monitored areas, the office said.

Shanghai Centaline Property Consultants Ltd yesterday said dealings at its over 200 branches citywide fell 69 percent last month from January.