China’s April resale home prices fall as more properties put up for sale: report
Some analysts estimate average home prices have slumped by 20% to 30% since a peak in August 2021 amid a protracted property crisis
[BEIJING] The average price of resale homes across 100 Chinese cities fell by 0.7 per cent month on month in April, a report by a Chinese real estate research institute said, as more residential properties came onto the market, boosting competition for buyers.
“Price cuts to drive sales remained the market norm,” the China Index Academy wrote in the report published on its official WeChat social media account on Thursday (May 1).
It said there were a relatively high number of listings in core cities last month, following the lifting of resale restrictions in some cities.
As 70 per cent of China’s household wealth is held in real estate, signs of stabilisation or even a mild rebound in the property market, which accounted for about a quarter of the economy at its peak, could help cushion China’s economy from the impact of a renewed trade war with the US.
Some analysts estimate average home prices have slumped by 20 to 30 per cent since a peak in August 2021 amid a protracted property crisis.
Resale home prices began falling more steeply in February, the data showed, following a seven-month run of narrowing declines.
Prices of existing homes fell 7.2 per cent year on year on average in April, the report said, while the average price of new builds in the same 100 cities increased by 2.5 per cent over the same period. REUTERS
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