China's urban property prices increase by 11% in Q1

In the first quarter, the property prices in China's 70 large and mid-sized cities increased by 11% year-on-year, up 0.8% from the previous quarter, according to the Development and Reform Commission (NDRC) on Friday.

Prices of new apartments surged 11.8%, 0.4% lower than the same quarter last year, and prices of second-hand flats increased 11.5%, up 1.7%.

Meanwhile, the prices of new non-residential properties increased by 7%, up 0.3% from the same quarter last year, and the second-hand non-residential properties surged 8.9%, up 2.1%.

Generally, prices of new properties in mid-sized cities expanded more rapidly than those big cities, which saw faster price increase from 2006 to 2007, such as Shanghai, Guangzhou and Beijing. Urumqi, the capital of northern Xinjiang Uygur Autonomous Region, continued to grow at fasted pace in terms of housing prices, with a growth rate of 25.3% in March.