China's house prices continued rebound in Jan

The new and pre-owned housing markets of around three fourth of China's major cities experienced price increases in January, the National Bureau of Statistics said on Friday.

Of the 70 major cities monitored, 53 saw property prices rise year-on-year, compared with 40 in December, according to the NBS. Twenty five cities in November and 12 in October experienced a price hike on a yearly-basis, indicating a rally in the housing market.

The average growth rate was capped at 4.7 percent, up from last month's 2.4 percent, the NBS showed.

On a monthly basis, 53 major cities saw prices rise, compared with 54 in December.

Large cities, such as Beijing, Shanghai and Guangzhou led the price hike. House prices in Beijing, for instance, jumped by 3.3 percent year-on-year and 1.6 percent month-on-month. The figure in Guangzhou was 2 percent and 4.7 percent respectively, according to the NBS.

Some second and third tier cites, including Nanning and Guilin in Guangxi, Haikou in Hainan, and Dali in Yunnan experienced a price drop on both a yearly and monthly basis, indicating market correction in smaller cities due to a dramatic boost in supply.