It looks like not only the United States government is experiencing a backlash on plans to salvage the housing market. The Chinese government may also have an unsuccessful plan on its hands as mortgages fall for the first time this year.

Recently, the Chinese government launched a campaign that hoped to pull down the rocketing property prices. It may have boomeranged though as August see a 1.06 billion yuan ($156 million) drop in Shanghai’s stock of individual mortgages this August. Home purchases are now being hit by the government’s efforts to cool the real estate sector.

The fall was preceded by a minimal increase of 270 million yuan in July. This was a big drop from June’s 3.08 billion yuan in mortgage loans. July actually reflected a slowing trend in mortgage loans.

The figures have been released by the Shanghai branch of the People’s Bank of China (PBOC). Though the central bank revealed falling figures, it did not reveal exactly how big the outstanding mortgage loans stock was for Shanghai by the end of August. It also did not make any commentaries on Shangahi housing prices, which – along with prices in capital Beijing and the southern boomtown of Shenzhen – serve as China’s benchmark.

The local media, though, reported good news on property transactions. Transactions are up in major cities, including Shanghai. And even with the government’s campaign, prices are still pretty much unchanged.