China Property Market: House prices rise 0.4% in March from Feb

APD NEWS

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Recent data from the National Bureau of Statistics (NBS) show that new house prices in China's 70 major cities rose 0.4 percent in March from the previous month, accelerating from a 0.2 percent gain in February.

Average new house prices rose 4.9 percent in March from a year earlier, easing from a 5.2 percent increase in February, according to the NBS data published on Wednesday.

New residential housing prices declined in seven of the 15 first-tier cities monitored by the government in March compared with February, two cities posted flat month-on-month growth and the rest posted slight month-on-month growth, the National Bureau of Statistics said.

Average prices for new houses in large cities including Beijing, Shanghai and Guangzhou rose from the previous month. But residential property prices in Shenzhen saw month-on-month decline – by 0.1 percent.

China aims to pursue a “stable and healthy development” of the property market in 2018, protecting the interests of first-time buyers and upgraders while taming speculation, Premier Li Keqiang said in his work report to the annual NPC Conference in March.

(CGTN)