China home price growth slows
Real estate appears to be cooling down with data showing smaller increases in prices
Mainland home prices rose last month at a slower pace, two private surveys showed yesterday, adding to signs of a cooling down in the industry that is crucial to the world's No 2 economy.
Data from E-House China, a property services company, showed its index measuring home prices in 288 mainland cities posted an 8.14 per cent year-on-year increase and 0.08 per cent month-on-month rise, down from February's growth of 9.08 per cent and 0.35 per cent, respectively.
Baoding, a city in Hebei province standing to benefit from the latest revival of joint regional development with Beijing and Tianjin, led the gainers with a 4.8 per cent month-on-month rise.
Home prices increased in 167 cities last month, fewer than February's 175 cities, the survey showed.
"This year started with a difficult first quarter," said CRIC, a unit of E-House China.
But it struck a note of confidence that if China wanted to ensure 7.5 per cent economic growth this year, real estate investment growth must pick up in the second quarter and hit 19 to 20 per cent.