Growth in residential property prices across large- and medium-size Chinese cities slowed further in March as lending limits and discounts undercut demand, according to analysts and property developers.

分析师和房地产开发商表示，受贷款限制和降价忧虑抑制需求的影响，3月份中国70个大中城市的房价涨幅继续回落。

Average new-home prices in 70 of China's larger cities rose 7.3% from a year earlier in March, according to calculations by The Wall Street Journal based on survey data released Friday by the National Bureau of Statistics. Prices rose 0.2% on a month-to-month basis, compared with about 0.3% in February.

《华尔街日报》(The Wall Street Journal)根据国家统计局周五公布的数据计算出，3月份70个大中城市的新建住宅均价同比上涨7.3%，环比涨幅为0.2%，较2月份环比涨幅0.3%有所回落。

The year-to-year rise in February was 8.2%, down from 9% in January. This slower growth rate over the past three months compares with accelerating prices in each month of 2013. In December, for instance, the average price rise was about 9.2% compared with 9.1% in November.

2月份的房价同比涨幅为8.2%，低于1月份的9%。今年前三个月房价涨幅均有所回落，而相比之下，去年每个月的同比涨幅都在扩大。比如去年12月份新建住宅均价同比涨幅为9.2%，11月份为9.1%。

Excluding public housing, prices in March rose 7.7% compared with 8.6% in February.

3月份不包括保障房的商品住宅价格同比涨幅为7.7%，2月份为8.6%。

China's housing market is an important pillar of growth in the economy. The construction, sale and outfitting of apartments accounted for nearly a quarter of China's gross domestic product in 2013, Moody's Analytics calculates. China's economy saw growth slip to 7.4% in the first quarter, an 18-month low, from 7.7% in the fourth quarter.

中国住房市场是经济增长的重要支柱。据穆迪分析(Moody's Analytics)计算，住宅建设、销售和装修占去年中国国内生产总值(GDP)的近四分之一。中国第一季度经济增速从去年第四季度的7.7%回落至7.4%，触及18个月以来低位。

Property prices surged last year despite government efforts to control them. Since February, however, developers in some cities have been cutting prices to spur sales. A tighter mortgage market has also undercut sales, builders say, as banks remove discounts and take longer to approve mortgages.

尽管政府出台了房地产市场调控措施，但去年房价仍大幅上涨。不过，自今年2月份以来，一些城市的开发商不断降价促销。开发商说，随着银行取消贷款利率折扣、延长贷款审批时间，抵押贷款市场收紧也抑制了销售。

'China can't achieve its growth target if the housing market is weak,' said Michael Klibaner, China research director at property agency Jones Lang LaSalle, who called for easier bank-lending terms for genuine home buyers.

仲量联行(Jones Lang Lasalle)中国研究主管柯志谦(Michael Klibaner)表示，如果房地产市场疲软，中国就无法实现增长目标。他建议放松非投资性购房人的银行贷款条件。

In smaller cities--many of which aren't covered by the survey--oversupply may result in price corrections and credit defaults, analysts said.

分析师们称，在调查没有涵盖的小型城市，供应过剩可能导致价格回落和信贷违约。

While developers said they are more bearish about sales and price growth this year than last year, they said they don't see any imminent collapse and expect authorities to intervene to prevent the sort of crisis that occurred in the U.S. housing market in 2008.

尽管开发商们称，今年他们对销售和房价涨势的看法不如去年。他们说，房地产市场不会很快崩溃，预计政府将出手干预，以避免重蹈2008年美国房地产市场危机的覆辙。

'There are financial consequences of the oversupply of apartments,' said Ronnie Chan, chairman of Hong Kong-listed property developer Hang Lung Group. 'But I don't see it blowing up in our faces as it did in the U.S.'

香港上市的房地产开发商恒隆集团有限公司(Hang Lung Group Ltd., 简称：恒隆集团)主席陈启宗(Ronnie Chan)表示，住房供大于求会带来金融方面的后果，但他认为不会出现像美国那样的危机。

In recent weeks, reduced sales and falling prices have prompted some local governments to consider easing curbs imposed earlier to cool the market, including eligibility criteria for second or subsequent homes. Housing sales for the three months ended in March fell 7.7% to 1.11 trillion yuan ($178 billion), according to official data.

最近几周，住房市场的量价齐跌已促使一些地方政府考虑放松之前为给楼市降温而实施的限购措施，包括购买第二套及以上住房的资格限制。官方数据显示，截至3月末的三个月中国住宅销售额下降7.7%，至人民币1.11万亿元（约合1,780亿美元）。

Local media reported that authorities in Fujian province, the city of Changsha in central China's Hunan province and the cities of Hangzhou and Wenzhou in coastal Zhejiang province are considering adjusting property curbs to spur home sales.

据中国国内媒体报道，福建省、湖南省长沙市以及浙江省的杭州和温州市都在考虑调整楼市调控政策以刺激住宅销售。

'We're seeing local governments come up with ideas to loosen the curbs and test the waters,' said James Macdonald, head of Savills Research China, a property consultancy. 'At the moment, I don't think the central government has come out to refute or contradict these actions.'

第一太平戴维斯(Savills)中国区市场研究部负责人简可(James Macdonald)说，地方政府想出了放松调控的办法，而且正在尝试。他说，眼下他并不认为中央政府已经出面反对或抵制这些行动。

However, in China's most-developed cities, where demand is still strong, price growth remains stable.

不过，在中国最发达城市，住宅需求依然强劲，房价仍在稳步上涨。

Liu Haisheng, director of Shanghai's housing bureau, said Thursday that the city isn't considering any fine-tuning measures but will continue to strictly carry out existing property curbs to rein in speculative demand.

上海市房管局局长刘海生周四表示，上海并不打算采取任何微调措施，而是将继续严格执行现有的房地产调控政策，以遏制投机性需求。

Average house prices in Guangzhou rose 13.3% compared with a year earlier after jumping 15.7% in February. In Beijing prices were up 10.3% compared with 12.2% in February. Shanghai and Shenzhen gained 13.1% and 12.8% after rising 15.7% and 15.6%, respectively.

广州3月份住宅均价同比上涨13.3%，2月份上涨15.7%。北京住宅均价同比上涨10.3%，2月份上涨12.2%。上海和深圳住宅均价分别上涨13.1%和12.8%，2月份分别上涨15.7%和15.6%。