Falling prices bolster property sales

Property sales in China's major cities have seen an increase for four straight weeks due to developers' price-cutting efforts over the past few months.

China Index Institute, the country's largest real estate research organization, said in a report yesterday that 90 percent of 33 large and medium-scaled cities experienced an increase in property sales last week.

Chengdu, capital of Sichuan province, saw the largest weekly increase of 85.88 percent, followed by Hangzhou and Chongqing. The transaction volumes in Beijing and Shanghai were also up 45.05 percent and 20.2 percent respectively.