The year-on-year decline in house prices in March shows that the real estate market has not yet recovered from its two-year slump. Data from research firm China Index Academy showed that prices of second-hand houses in 100 Chinese cities dipped 4.8% to 15,088 yuan per square meter.
At close of trade, the benchmark Shanghai Composite index was down 0.08%, or 2.42 points, to 3,074.96. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.53%, or 9.55 points, to 1,779.69. The blue-chip CSI300 index sank 0.42%, or 14.97 points, to 3,580.68.
CURRENCY NEWS: China's yuan depreciated to 4-1/2 month low against the dollar on Tuesday, despite the central bank setting the midpoint rate with the strongest bias in five months. Prior to the market's opening, the People's Bank of China set the midpoint rate at 7.0957 per U.S. dollar,0.03% weaker than the previous fix of 7.0942. In the spot market, the onshore yuan CNY=CFXS yuan was changing hands at 7.2347 at midday, 39 pips weaker than the previous late session close and 1.96% away from the midpoint.
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