Property prices stabilize in March

Property prices in China's major cities have been stabilizing, with the month-on-month growth rate in 100 sample cities shrinking three months in a row, a report from China Index Academy showed on Tuesday.

The average price in 100 cities monitored by the academy rose 0.38 percent to 11,002 yuan ($1,770) per square meter, the 22nd consecutive increase since June 2012. The growth rate, however, shrank by 0.16 percentage points from February.

Sixty-three cities saw price rises last month, with 12 experiencing growth of more than 1 percent, down from 20 that did so in February.

The average price in the key 10 cities, including Beijing and Shanghai, was 19,563 yuan per sq m, up 0.67 percent on the previous month. That represented an increase of 16.43 percent year-on-year.

As credit for both property developers and individual buyers remains tight, concerns over possible price drops expanded and more property developers tried to cash in on a flat price strategy in newly opened projects. Some also cut prices to stimulate sales, the report said.

A wait-and-see attitude among potential buyers persisted, and therefore transactions remained at a low level in March although the month is usually a good one for sales.