Property prices lean lower in China

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BEIJING, May 19 (UPI) -- China's National Bureau of Statistics said property prices fell in a majority of cities studied in April with declines in 46 of 70 urban centers.

The decline in prices outpaced the study in March, which posted losses in 38 of 70 cities, the British Broadcasting Corp. reported Saturday.

A recent study pegged China's gross domestic product as growing 7.5 percent in 2012 with a slowdown partly attributed to lower property prices.

Some analysts, the BBC said, consider 8 percent the breaking point. With 8 percent growth or above, China can continue to increase jobs, invest in infrastructure projects and support domestic demand. In so many words, with 8 percent GDP growth, China can continue to expand its middle class.

In January through March 2012, China's GDP grew at an annual pace of 8.1 percent.