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China new home prices fall for first time in April since December

China new home prices fall for first time in April since December

Average new home prices in 70 major cities fell 0.2% on a month-on-month basis, compared with zero growth in March, according to Reuters calculations based on April data from the National Bureau of Statistics (NBS).

New home prices rose 0.7% from a year earlier, the slowest pace since October 2015 and easing from a 1.5% gain in March. New home prices rose 0.7% from a year earlier, the slowest pace since October 2015 and easing from a 1.5% gain in March.

China's new home prices in April fell for the first time month-on-month since December, official data showed on Wednesday, depressed by strict COVID-19 lockdowns in many cities, despite more easing steps aimed at supporting demand.

Average new home prices in 70 major cities fell 0.2% on a month-on-month basis, compared with zero growth in March, according to Reuters calculations based on April data from the National Bureau of Statistics (NBS).

New home prices rose 0.7% from a year earlier, the slowest pace since October 2015 and easing from a 1.5% gain in March.

In April, 47 among 70 cities surveyed by the NBS reported new home prices falling from the previous month, compared with 38 cities recording a decline in March.

The outlook of China's property market remained bleak in recent months, with a sharp slowdown in property sales after the pillar of the world's second-largest economy was chilled due to Beijing's clampdown on excessive borrowing from developers.

Last month, more than 40 cities had taken steps to stoke home buyers' interest, including subsidies, cuts in mortgage rates and allowing more loans in provident housing funds.

Published on: May 18, 2022, 11:48 AM IST
Posted by: Mehak Agarwal, May 18, 2022, 11:45 AM IST