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China March House Prices Decline

4/17/2012 11:20 PM ET

House prices in China continued its downward trend in March, in a sign that the government's efforts to cool the property market is gradually taking effect.

A survey by the National Bureau of Statistics (NBS) showed Wednesday that of the 70 cities surveyed by NBS, 46 cities reported a fall in house prices on a month-on-month basis. In February, prices declined in 45 cities.

Among the major cities, Beijing, Shanghai, Guangzhou and Shenzhen reported a month-on-month fall in prices of newly built homes, the report said.

On a year-on-year basis, prices fell in 38 cities in March compared to 27 in February. According to reports, March's year-on-year decline was the first such result since 2010, when the government introduced housing market curbs to prevent a property bubble.

by RTT Staff Writer

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