(MENAFN) Official data released on Tuesday by the National Bureau of Statistics (NBS) indicated a decline in home prices across major Chinese cities in March.
Seventy large and medium-sized cities reported a reduction in month-on-month declines in home prices during the same period. Notably, in the four first-tier cities - Beijing, Shanghai, Guangzhou, and Shenzhen - prices of new homes experienced a marginal decrease of 0.1 percent compared to the previous month. Similarly, second-tier cities saw a 0.3 percent decline, while third-tier cities witnessed a 0.4 percent decrease.
The trend extended to resold homes, with prices falling by 0.7 percent, 0.5 percent, and 0.5 percent month-on-month in first, second, and third-tier cities, respectively, as reported by the NBS.
Year-on-year comparisons revealed overall price drops across the surveyed cities. New home prices in first-tier cities decreased by 1.5 percent in March compared to the previous year, while second and third-tier cities experienced declines of 2 percent and 3.4 percent, respectively.
For resold homes, the year-on-year price decline was more pronounced, with decreases of 7.3 percent, 5.9 percent, and 5.7 percent in first, second, and third-tier cities, respectively, according to the NBS data.
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