In February this year, the average prices of new residential housing in 100 major cities in China increased by 0.60 percent month on month to RMB 11,092 ($1,693.4) per square meter, as announced on March 1 by the China Index Academy, a Beijing-based real estate research institute. The month-on-month increase in average prices was 0.18 percentage points higher than the increase rate recorded in January this year. Of the 100 cities surveyed in February, 61 cities saw increases in residential housing prices, while 38 cities witnessed declines in prices. On year-on-year basis, in February this year average new residential housing prices in the 100 major cities in China increased by 5.25 percent on year-on-year basis.
Furthermore, the average residential housing price in the 10 biggest cities in China in February this year was RMB 20,842 ($3,181.9) per square meter, up 0.51 percent month on month and rising by 9.94 percent year on year.