Chinese house price gains pick-up in March

Home price gains in China accelerated last month to a three-month high despite Beijing's best efforts to dampen housing inflation.

According to the National Bureau of Statistics, on average new home prices in the world's third-largest economy increased by 0.42% versus the prior month, driven by a 0.94% increase for those in smaller urban areas or so-called 'third tier' cities.

In tier one cities on the other hand, they were up by 0.1% when compared to February, following seven consecutive months of decline.

To take note of, prices in smaller cities were propped-up in part by a drive by Beijing to redevelop slums.

Excluding government subsidised housing, house prices gained in 55 of the 70 cities covered by the report, up from 44 one month before.