China’s house price growth eases in March

| April 18, 2011 | 0 Comments
China's house price growth eases in March

The National Bureau of Statistics has today revealed Chinese property growth eased in March.

China‘s property prices have remained stubbornly high despite several Government incentives to avoid a property bubble.

The country continues to grapple with high inflation in property and food prices.

However, property prices slowed in March with fewer cities recording an increase, the Bureau said.

House prices increased in 46 of the total 70 cities that the Government is closely monitoring – down from 56 cities in February.

House prices in Beijing were 4.9% higher in March on an annual basis, down from the 6.8% gain in February.

Meanwhile, in Shanghai, prices rose 1.7% in March, again slowing from the 2.3% increase in February.

Last month, the Government announced plans to introduce a property tax. Shanghai Mayor Han Zheng said it is preparing for the “trial reform on property tax as required by the central Government”.

It has also made it more expensive to buy second homes, by lifting the minimum down payment.

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