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Residential property prices in 100 cities down in Apr

May. 3, 2012 (China Knowledge) - The average prices of residential properties in 100 major Chinese cities hit RMB 8,711 per square meter in April, down 0.34% month on month or down 0.71% year on year, according to research data from China Index Academy.

That was also the eighth consecutive sequential decrease, said analysts.

Among the 100 cities, 29 cities saw residential property prices increase last month, while the remaining 71 cities saw prices decline on a sequential basis.

The major ten of the 100 Chinese cities saw the average price of residential properties reach RMB 15,391 per sq m in April, reflecting a month-on-month decrease of 0.41% or a year-on-year decline of 2.6%.

Nine of the major ten cities saw residential property price decline last month. The sequential decrease exceeded 5% in Chengdu and Tianjin, ranged from 1% to 5% in Chongqing, Nanjing, Hangzhou, Beijing and Shanghai, and was below 1% in Guangzhou and Wuhan.

Shenzhen, the only one of the major ten cities, saw residential property price increase in April, sources reported.

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