Nomura said land sales for residential purposes in 81 Chinese cities dropped by 10.8% y-y in value, and 31.4% in volume in March, after rising strongly in 2013 and January-February.
In volume terms, land sales in tier-2 cities fell to the lowest level since May 2011. Tier-3 and 4 cities recorded the least land sales since May 2012.
The researc house said this is another sign of stress in the property sector. Nomura maintained its view that the property sector poses the highest risk to the economy in 2014 and 2015.
If this becomes a trend, it will put pressure on the government to loosen policies in the sector this year, the house added.
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