Beijing: China’s house prices fell at a faster pace in December, according to a private survey on Sunday.
The crisis in China’s property market has worsened this summer, with home prices, sales and investment all falling in recent months, according to official data, putting pressure on the faltering economy.
Home prices in 100 cities fell for the sixth straight month in December, down 0.06% from the previous month after falling 0.06% in November, according to a study by China Index Academy (CIA), one of China’s largest independent real estate firms. It fell 0.08%. research company.
Monthly prices fell in 68 out of 100 cities, compared with 57 cities in November, according to the survey.
China has ramped up support to the industry in recent weeks to ease a long-running liquidity squeeze that has hit developers, delayed the completion of many residential projects, and further eroded buyer confidence. The move includes lifting the ban on fundraising through public offerings of listed real estate companies.
The real estate sector is also up slightly after Beijing abruptly withdrew its strict zero-coronavirus policy in early December. This could drive consumers back to the showroom. But some international health experts say the virus is now spreading largely uncontrolled and could infect millions of people a day.
“Real estate policy may continue to maintain an accommodative tone in 2023, with room for policy easing on the supply and demand side,” said a real estate research firm, adding, “The housing market is expected to stabilize gradually next year.” I will,” he added. –Reuters