[photopress:property_apartments.jpg,full,alignright]The National Development and Reform Commission (NDRC) has announced that property prices in 70 large and mid-sized Chinese cities rose 11% year-on-year in the first quarter.
The price rise is 0.8 percentage points higher than that in the previous quarter.
Prices of new apartments jumped 11.8%, down 0.4 percentage points from the same quarter last year, while prices of second-hand flats rose 11.5%, up 1.7 percentage points.
Prices of new non-residential properties were up 7%, 0.3 percentage points higher than the same quarter of last year, while those of second-hand non-residential properties rose by 8.9%, up 2.1 percentage points.
Prices of new properties in mid-sized cities rose faster in March than that of big cities such as Shanghai, Guangzhou and Beijing, which saw faster price rises in the 2006-2007 period.
Urumqi, capital of the northwestern Xinjiang Uygur Autonomous Region, continued to top the growth list with a 25.3% increase in March. It was followed by Haikou and Ningbo, which saw property prices rose 18.3% and 18.2%, respectively.
Beijing reported a 16.9% hike in prices of new properties in the previous month.
In contrast, prices of new homes in Shenzhen, a southern city bordering Hong Kong, and Nanjing, capital of east China’s Jiangsu Province, fell 4.9% and 0.8%, respectively, from the previous month.
Source: China View