Housing prices in China continued to fall in December
2023.01.01 05:16
Housing prices in China continued to fall in December
Budrigannews.com – A private survey conducted on Sunday found that despite a slew of support measures, China’s home prices fell at a faster rate in December, indicating persistently weak demand amid rising COVID-19 cases.
This summer, official data showed that home prices, sales, and investment all fell in recent months, escalating the crisis in China’s property market and putting more pressure on the economy.
According to a survey conducted by China Index Academy (CIA), one of the largest independent real estate research firms in the nation, home prices in 100 cities fell for the sixth month in a row in December, declining 0.08% from a month earlier after falling 0.06% in November.
According to the survey, 68 of the 100 cities saw a decrease in monthly prices, compared to 57 in November.
In an effort to alleviate a persistent liquidity crunch that has harmed developers and pushed back the completion of numerous housing projects, further eroding buyers’ confidence, China has increased its support for the sector in recent weeks. The moves have included lifting a prohibition on raising money by means of value contributions for recorded property firms.
Since Beijing abruptly ended its zero-COVID policy at the beginning of December, the real estate industry has also seen a slight boost, which may encourage customers to return to showrooms. However, some international health professionals claim that the virus is currently spreading largely unchecked and likely infecting millions of people each day.
According to the real estate research company, “the housing market is expected to stabilize gradually next year,” and “there is room for policy easing on the supply and demand side in 2023.” Real estate policies “may continue to maintain an accommodative tone.”
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