Just when there were slight signs of a property market recovery in March, the People's Bank of China (PBOC) once again raised the interest rate sword and increased the RMB deposit and loan benchmark interest rate by 0.25 percentage points, effective from April 6. Although successive interest rate increases are aimed at curbing inflation, industry insiders generally believe that the increasingly tight credit policies will undoubtedly have a great impact on the property market. Under the combined effect of regulation and interest rate increases, the second quarter may witness a turning point in the property market.