Monday, the National Bureau of Statistics said in a report that property prices in Chinese cities dropped 1.3% in March from the prior year, following a 1.2% fall in February. The decline in March was the biggest since records began in 2005.
The property outlook index stood at 94.74 in March, down 9.98 points from the previous year.
During January to March, investment in real estate rose 4.1% to 488 billion yuan. On the other hand, new construction by floor area declined 16.2%.
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