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Relatively new homes have also shown significant appreciation.
Organisers said the decrease is largely attributed to currency fluctuations and the significant appreciation of the US dollar.
China is strongly opposed to any significant appreciation or depreciation of its currency, Mr. Xu said at a press conference.
Based on feedback from students, there is significant appreciation of AHP as a useful tool for their future professional practice.
The recovery has been driven by exports, despite the significant appreciation of the yen, and fiscal stimulus.
The declarations of Chinese leaders aside, it is in China's interest to allow for a significant appreciation of the yuan.
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But analysts do not expect the shift in policy to lead to significant currency appreciation.
A significant currency appreciation could help cause a wave of business failures and bankruptcies, Chinese officials say.
Although powerful activity in high-end sales contributed much to the average price increases, significant price appreciation occurred in all price ranges of houses.
A significant currency appreciation would contribute to making the goods less competitive and could lead to a wave of business failures and bankruptcies, Chinese officials say.
The fund's adviser, Mutuals.com of Dallas, said in its prospectus, "It is our philosophy that although often considered politically incorrect," well-managed companies in these industries "will continue to experience significant capital appreciation during good and bad markets".
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