Country: China
21 April 2009
Average residential property prices in 70 major Chinese cities fell 1.3% year-on-year in March, according to the National Bureau of Statistics.
However, the month-on-month figure shows that average prices actually rose by 0.2% last month.
Prices of new homes fell 1.9% year-on-year last month but rose 0.1% from February. Prices for second-hand homes rose 0.3% month-on-month despite a 0.4% annual decline.
Experts have warned that it is still too early to tell if the market had bottomed out, as sales were mainly driven by surging credit and by stimulus policies, such as tax cuts. Other indicators, such as land purchases by developers, had shown no signs of recovery.
See Also: China
