In March this year, the average price of new residential housing in 100 major cities in China increased by 0.14 percent month on month to RMB 15,195/mt ($2,140/mt), 0.1 percentage point slower than the month-on-month increase rate recorded in February, as announced by the China Index Academy, a Beijing-based real estate research institute.
Meanwhile, in March the average price of new residential housing in 100 major cities in China increased by 2.95 percent year on year, 0.39 percentage points slower than the year-on-year increase rate recorded in February.
The average price in March of new residential housing in ten leading Chinese cities, including Beijing and Shanghai, was recorded at RMB 27,453/mt ($3,867/mt), up 0.26 percent month on month and rising by 2.39 percent year on year.
Due to the outbreak of the coronavirus, sales offices of real estate developers have been required to close temporarily, which has exerted a negative impact on average residential housing prices and this trend will likely continue in April.
Though quarantines had not been lifted in some regions of China in March, the resumption of activities of downstream industries in China exerted a positive impact on the real estate market. Meanwhile, sales offices of real estate developers have gradually opened, which also bolstered real estate prices, especially in key cities, including first-tier cities and some active second-tier cities.
$1 = RMB 7.0995