China’s new home prices fall further in December

CHINA’S new home prices fell for the fifth month in December, official data showed on Monday, as Covid outbreaks hurt demand, but the dismantling of strict pandemic curbs and hope for more support measures have brightened the outlook.

New home prices in December declined 0.2 per cent month-on-month, unchanged from the pace in November, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Monday.

Prices dropped 1.5 per cent year-on-year, falling for the eighth straight month. Prices slumped 1.6 per cent year-on-year in November.

A flurry of property support measures for home buyers and property developers in recent weeks, coupled with Beijing’s abrupt reopening last month cheered the market, but continued sluggish demand still constrains the recovery. REUTERS