In February this year, the average price of new residential housing in 100 major cities in China decreased by 0.24 percent month on month to RMB 15,173/mt ($2,182.7/mt), as announced by the China Index Academy, a Beijing-based real estate research institute. the average price of new residential housing in 100 major cities in China rose by 0.27 percent month on month in January.
Meanwhile, in February the average price of new residential housing in 100 major cities in China increased by 3.34 percent year on year, 0.34 percentage points slower than the year-on-year increase rate recorded in January.
The average price in December of new residential housing in ten leading Chinese cities, including Beijing and Shanghai, was recorded at RMB 27,383/mt ($3,939.1/mt), down 0.18 percent month on month, but up 2.28 percent year on year.
Due to the outbreak of 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 impact will likely continue to be seen in March.