Friday, May 4, 2012

China home prices fall for 8th month in a row

May 2 (Reuters) - China's home prices fell in April for the eighth month in a row while transactions also declined in most cities, a private sector survey showed on Wednesday.

The average price of 8,711 yuan ($1,400) per square meter across 100 cities was 0.34 percent lower than March and 0.71 percent lower than April 2011, marking the first year-on-year fall since June 2011, said the China Real Estate Index System, a consultancy affiliated with China's largest online real estate company, Soufun Holdings.

Price drops failed to stimulate sales, however, as transactions declined in 80 percent of the 40 key cities monitored by CREIS. Transactions fell by 26 percent in Shanghai in April from March and by 4 percent in Beijing.

The CREIS data offers the earliest monthly look into China's real estate market performance. Read More