Chinese housing market recovers modestly

House prices in 100 Chinese cities have posted a 0.21 per cent increase after eight months of continuous decline, according to a survey by the China Index Academy.

The data shows 44 cities posted price increases while 56 cities experienced declines during the first month of this year. The average price per square metre was 18,999 yuan in ten major cities including Beijing and Shanghai, up 0.59 per cent from the previous month.

However, the average price per square metre fell 3.09 per cent in the 100 cities surveyed by the China Index Academy.