MCHI - China Property Slump: New Home Prices Fall At Fastest Pace In Nine Years | Benzinga
Stresses in China’s property market were underlined by data on Wednesday that showed new home prices in December endured their steepest monthly decline since February 2015.
Prices of new homes measured across 70 large and medium-sized Chinese cities fell 0.4% month-on-month in December, following a 0.3% month-over-month drop in November, according to figures from the National Bureau of Statistics and interpreted by the South China Morning Post.
Over the year, prices in the 70 cities fell by 0.9%. Overall real estate investment fell by 9.6% in 2023 to 11.09 trillion yuan ($1.5 trillion), similar to the decline seen in the previous year.
Among the larger cities, new home prices fell by 1% in Guangzhou and 0.9% in Shenzhen, and stayed flat in Beijing. Prices in Shanghai, however, were up 0.2%.
In tier-two cities, prices for new homes fell by 0.4% month on month, up from November’s 0.3% fall.
Previously-owned homes fell ...