China's property market showed continued signs of weakness, as the year-over-year decline in home prices for March accelerated, defying Beijing's intensified policy support measures.
New-home prices in 70 major Chinese cities fell 2.65% in March compared with a year earlier, faster than the 1.9% year-over-year decline in February. There were 58 cities reporting year-over-year price declines, slightly higher than February's 57 cities, according to official data released Tuesday.
Meanwhile, new-home prices in March edged down 0.34% in month-over-month terms, compared with a 0.36% month-over-month decline in February, according to calculations by The Wall Street Journal based on data from the National Bureau of Statistics.
Among 70 cities surveyed by the statistics bureau, 57 of them reported a month-over-month price drop in March, down from 59 in February.
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(END) Dow Jones Newswires
04-15-24 2202ET
