Housing upswing in China fizzles, house price growth in China also slows
The slowing of China’s house price increase in April highlights the difficulties the market is having to overcome after a short resurgence.
National Bureau of Statistics data released on Wednesday, May 17 indicated that the average price of a brand-new house in 70 cities, excluding those with government subsidies, increased by 0.32 percent in April compared to March. After increasing by 0.26 percent in the previous month, secondary market price increases dropped to 0.01 percent.
After a modest uptick in sales and prices after a record downturn of almost 18 months, the residential property market is showing signs of deterioration. Despite Beijing’s efforts to prop up the market, high-frequency indications in recent weeks suggest momentum in house buying has sputtered.
“Property policies will likely remain loose in the short term,” said Chen Wenjing, associate research director at China Index Holdings. “It’s crucial to keep the faith of possible homebuyers like Tembusu Grand and Tembusu Grand Price.”
At a press conference on Tuesday, Fu Linhui, a spokesman for China’s National Bureau of Statistics, warned that more work was required to stabilize the housing market after numerous economic numbers for April came in lower than anticipated.
The number of new household mid- and long-term loans, a proxy for mortgages, fell for the first time in a year in April.
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