Official data from China’s National Bureau of Statistics (NBS) indicates that an increasing number of Chinese cities saw year-on-year home price declines in March, although fewer saw month-on-month declines.
In March 38 out of 70 large and medium-sized Chinese cities monitored by NBS saw month-on-month declines in their new commercial housing prices, while 45 saw on-month declines in existing home prices, for two and 12 fewer cities respectively compared to April.
29 Chinese cities saw year-on-year declines in price for new commercial housing, while 47 saw year-on-year declines in existing home prices, for increases of 5 and 8 respectively compared o April.
First-tier cities saw an on-month rise in new commercial housing prices of 0.3% in March, for a deceleration of 0.2 percentage points. Beijing, Shanghai and Shenzhen saw on-month increases of 0.4%, 0.3% and 0.8% respectively, while Guangzhou’s new commercial housing posted a 0.1% price decline.
Existing home prices in first-tier cities rose by 0.4%, for a deceleration of 0.1 percentage point. Beijing, Shanghai and Guangzhou saw gains of 1.2%, 0.4% and 0.3% respectively, and Shenzhen a decline of 0.3%.