By Vivek Kumar China’s housing market displayed continued weakness in February, with new home prices declining for the eighth consecutive month, according to official data released on Friday. The National Bureau of Statistics reported that average prices for new homes in tier-one cities dropped by 1 per cent compared to the previous year, while second-hand home prices fell by 6.3 per cent. This decline was more pronounced in southern cities like Guangzhou and Shenzhen, where new home prices decreased by 4.6 per cent and 4.8 per cent, respectively. “Given the heavy weighting of property in hous…