🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

China new home prices end seven-month drop; more cities post gains -survey

Published 03/01/2023, 02:37 AM
Updated 03/01/2023, 02:51 AM
© Reuters. FILE PHOTO: Apartment blocks are pictured in Beijing, China December 16, 2017. Picture taken December 16, 2017. REUTERS/Jason Lee

BEIJING (Reuters) - The prices of new homes in 100 Chinese cities held steady in February versus January having fallen for seven consecutive months, data showed on Wednesday, as a flurry of property market easing measures improved buyer confidence.

The flat reading followed a 0.02% decline in January from December, showed data from the China Index Academy (CIA), one of the country's largest independent real estate researchers.

The reading indicates improvement in a property sector dogged by massive debt problems at major developers, after authorities adopted a slew of supportive measures.

In February, 26 cities reported price increases, versus 12 in January, CIA said.

As many as 14 cities, including the eastern city of Nanjing and southern city of Sanya, reversed declines to post growth. In January, six cities swung from contraction to expansion.

© Reuters. FILE PHOTO: Apartment blocks are pictured in Beijing, China December 16, 2017. Picture taken December 16, 2017. REUTERS/Jason Lee

Market activity is improving in some typically high-demand cities, but the national property market still shows no obvious signs of rebounding from its current slump, CIA said.

"The property policy environment is likely to remain accommodative, with increased policy support on both the supply and demand sides after the 'two sessions'," it said, referring to an upcoming annual parliamentary meeting, at which the government will set economic policies and targets for the year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.