A worker wields a hammer at a demolition site in front of new residential buildings in Hefei, Anhui province, October 19, 2013.
Chinese now home prices were up 9.6% year-over-year in January. This was down from 9.9% in December.
Home prices were up in 69 of 70 cities surveyed.
CNBC's Dierdre Wang Morris pointed out that Chinese developers were taking a hit after the data.
This also comes on the back of news that Industrial Bank Co. has restricted lending to developers and related industries like steel and cement, reports Bloomberg.
Bloomberg BRIEF economist Tom Orlik tweeted this chart that shows that home prices in top tier cities are starting to cool.
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