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 economist Tom Orlik tweeted this chart showing that home prices in top tier cities are starting to cool.
China's house prices off the boil. Average prices in top tier cities up 17.2% on year in Jan, after 18.6% in Dec: pic.twitter.com/06lOk6bEMS
— Tom Orlik (@TomOrlik) February 24, 2014SEE ALSO: 7 Experts Told Us What Worries Them The Most About China