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Forex Flash: Chinese Property prices rose strongly in March - Nomura

FXstreet.com (Barcelona) - Nomura economist Zhiwei Zhang notes that Chinese property prices rose strongly in March.

He sees that prices in 70 cities rose by 3.1% y-o-y in March from 1.7% in February, the strongest growth since September 2011. Among the 70 cities, 68 cities saw a month on-month rise in property prices in March (February: 66 cities), while property prices fell only in one city. More notably, property prices grew at 1.0% m-o-m in February and March, implying annualized growth of 12.7%, which is faster than the 9.3% y-o-y growth of urban household income in Q1 2013. He believes that the sharp rise in property prices suggests that central government will push for policy tightening in this sector in Q2, and property investment growth faces downside pressures in the coming quarter, which will likely contribute to the GDP growth slowdown.

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