Chinese cities see slightly faster house price growth in March

BEIJING - House prices in Chinese cities increased slightly faster in March, Economic Information Daily reported, citing a survey conducted by the China Index Academy, a property research institution.

The average price of new homes in 100 cities rose 0.24 percent month-on-month in March, up 0.14 percentage points from February, the survey showed.

On a yearly basis, 100 cities saw average house prices climb 4.43 percent in March, down 0.19 percentage points from a month earlier.

Meanwhile, the average price of new homes in 10 major Chinese cities including Beijing and Shanghai edged up 0.15 percent month-on-month, expanding 0.11 percentage points from that in February.

The institution said housing supply in major Chinese cities picked up as real estate developers accelerated the pace of offering new buildings.

Despite a slightly faster growth rate month-on-month, most cities saw the range of house price changes remain within 1 percent, it added.

Data from the National Bureau of Statistics also showed house prices in 70 major Chinese cities edged up slightly in February.

China vowed to sustain the steady and healthy development of real estate markets, according to the 2019 government work report released in March.

The country will continue to insist on the principle that "housing is for living in, not speculation," with local governments stabilizing property markets based on differentiated regional conditions.