China March home prices fall 6.1% y-o-y

[BEIJING] Average new home prices in China's 70 major cities fell for the seventh consecutive month in March from a year earlier, down 6.1 per cent.

The National Bureau of Statistics said on Saturday new home prices in Beijing fell 3.7 per cent last month from a year earlier, versus the previous month's drop of 3.6 per cent. They rose 0.3 per cent between February and March.

Shanghai's home prices were down 5 per cent last month from a year ago, versus a 4.7 per cent fall in February. They were flat from February.

Growth in China's real estate investment in the first quarter slowed to the lowest rate since 2009 as developers focused on clearing excess inventory, while a series of government support measures braked the rate of decline in property sales volumes.

REUTERS