China’s house prices fell at faster pace in December: real estate survey

People visit a housing sales office in Shandong province, China, on December 15, 2022. Home prices in 100 cities fell for the sixth consecutive month in December, according to a private Chinese survey.

Publishing house of the future | Publishing house of the future | Getty Images

Home prices in China fell at a faster pace in December, a private survey showed on Sunday, reflecting persistently weak demand amid rising Covid-19 cases despite a raft of support measures.

China’s real estate crisis has worsened this summer, with official data showing home prices, sales and investment falling in recent months, adding pressure to the faltering economy.

Home prices in 100 cities fell for a sixth straight month in December, down 0.08 percent from a month earlier after falling 0.06 percent in November, according to a survey by China Index Academy, one of the largest independent housing firms. survey of real estate in the country.

Among the 100 cities, 68 cities recorded a drop in monthly prices, compared with 57 in November, the survey showed.

In recent weeks, China has increased support for the industry in a bid to ease a lingering liquidity shortage that has hit developers and delayed the completion of many housing projects, further eroding buyer confidence. The moves include lifting a ban on raising funds through share offerings for listed property companies.

The property sector also got a slight boost after Beijing suddenly abandoned its strict zero-Covid policy in early December, which could lure consumers back into showrooms. But the virus is now spreading largely unchecked and is likely infecting millions of people a day, according to some international health experts.

“Real estate policies may continue to maintain an accommodative tone with the possibility of easing policies on the supply and demand side in 2023,” the real estate research firm said, adding that “the housing market is expected to stabilizes gradually over the next year.”

#Chinas #house #prices #fell #faster #pace #December #real #estate #survey

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button