China New Home Prices Fall 0.1% in September as Property Slump Enters 4th Year
Updated
Updated · Reuters · Oct 19
China New Home Prices Fall 0.1% in September as Property Slump Enters 4th Year
2 articles · Updated · Reuters · Oct 19
Summary
September new home prices slipped 0.1% from August, matching the prior month's decline and showing policy support still has not produced a broad housing recovery.
Annual price declines narrowed to 2.8% from 3.0% in August, but the market remains split: tier-one cities are stabilising, while smaller cities continue to post month-on-month and year-on-year falls.
First-nine-month data underscored the weakness, with both property investment and home sales contracting faster, extending pressure on consumer confidence and local government revenue.
Late-September mortgage-interest subsidies target homes priced up to 1.5 million yuan, a level aimed mainly at smaller cities as economists say any nationwide price stabilisation may still be 12 to 24 months away.
With foreclosures flooding the market, is China’s slight housing price improvement a genuine recovery or a temporary illusion?
How will China's massive housing slump and resulting domestic demand crash quietly reshape the future of global trade?
Millions of young Chinese are defaulting on mortgages; could this hidden financial crisis completely derail the nation's economic stabilization efforts?