Prices and sales of top-end residential property in Beijing declined in the first quarter, the latest sign of a downturn in the prime market, state news agency Xinhua reported, citing a new report by property consultants DTZ. The average high-end housing price in Beijing dropped by 5.45% quarter-on-quarter to US$8,014 (RMB49,287) per square meter in the first quarter, but still represented an increase of 13.26% year-on-year, according to data from DTZ. Prime transactions fell 23.85% from the previous quarter to reach 181,904.01 square meters. The Chinese Lunar New Year holiday and tightening credit contributed to the slowdown.
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