Some 8,943 second-hand homes were sold in Beijing last month, the lowest number for any March since 2009, according to new data from property agent Centaline.
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Zhang Dawei, chief analyst with Centaline, attributed the slump to tightening credit and increasing supplies of affordable housing.
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Last month, the average price of second-hand homes came in at 31,400 yuan per square meter in the city, down 0.6 percent from February, the agent said.
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Beijing promised to offer 20,000 units of a certain type of affordable housing in 2013, and 50,000 in 2014 to make homes more accessible to families crowded out of the expensive market.
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The city has set specific requirements for families applying for the program and the management of the houses in order to prevent speculative investment.
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Across the country, China's red-hot property market has been showing signs of cooling down in recent months. Home prices in major Chinese cities grew at a slower pace in February, with fewer cities seeing month-on-month price rises, according to official data. Â