China's monthly housing index dropped for the first time in August, after it decreased by 0.2 percent from July, that ended a five-month increase from March.

The country had 121.69 million square meters of unsold housing space by last month, up 13.1 percent from a year ago.

During the same period, the index of new developed space dipped 0.62 percent from July, while the index for space under construction was 0.49 percent lower than a month ago.

The drops compared with those in July showed that developers' confidence is more frustrated than enthused.

August is the third month since China launched some new policies to mend the over-heated real estate market, including an increase in interest rates on bank borrowing.

The state also limited foreign investment in the property market and enforced a capital gains tax on the sale of properties held for less than five years.

Source:佚名