Prices of several residential properties on sale in China's eastern cities of Shanghai and Hangzhou dropped sharply over the weekend, feeding industry speculation of a fresh round of price cuts by developers to boost sales, the Shanghai Morning Post reported on Sunday. The developer of a high-end residential property project on the outskirts of Shanghai on Saturday slashed average prices of a batch of homes on sale by 28 percent to 36,000 yuan ($5,800) per square metre amid sluggish sales, the newspaper reported. Separately, 12 property projects in Hangzhou went on sale on Saturday, with developers wooing buyers with prices much lower than their counterparts in the city, according to the newspaper. Homes prices in Hangzhou fell 11.3 percent in the first quarter, with trading volume dropping 38 percent, the newspaper said, citing government data. Shanghai and Hangzhou are both closely watched property markets. China's property market has lost steam since late 2013 as authorities have tightened controls on speculative buying, and as banks have made it harder for home buyers and small developers to get loans. Official data showed home price gains slowed to an eight-month low in March.