The slowdown of the property market that was mainly seen in China's third- and fourth-tier cities last year has spread to more areas, and analysts warn of a...

The slowdown of the property market that was mainly seen in China's third- and fourth-tier cities last year has spread to more areas, and analysts warn of a tough 2014 for developers. Figures released by the National Bureau of Statistics (NBS) last Friday showed that 178.25 million square meters of residential property were sold in the first quarter, down 5.7 percent year on year. According to the NBS, home prices in a pool of 70 major Chinese cities grew at a slower pace in March, with fewer cities reporting month-on-month price gains. Month on month, four cities saw new home prices decline. Meanwhile, banks have not loosened their control over personal housing loans, making it more difficult to purchase property on mortgage. Full report here from Shanghai Daily: (VIEW LINK). Chart below published by Westpac Institutional Bank illustrates these moves in the 70 city average (primary and secondary markets).