China: Property sector continues to gain momentum in March
April 18, 2016
House prices in 70 large- and medium-sized cities rose 1.1% in March over the previous month, according to a weighted average index calculated by Thomson Reuters from data issued by the National Bureau of Statistics (NBS). The print overshot the 0.6% increase tallied in the previous month and marked a three-year high. According to the NBS, the sale prices of newly-constructed residential buildings declined in eight cities and increased in 62 cities. March data are consistent with the improvement seen in the real estate market at the outset of the year.
Compared to the same month of the previous year, house prices jumped 4.9% in March. The print came in well above the 3.6% increase tallied in February and thereby marked the highest level in nearly two years. As a result of the continued upward trend in prices that has been observed since May 2015, annual average variation in house prices in March rose from minus 1.8% in February to minus 0.8%.