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China’s housing prices fell faster in December: real estate survey

People visit a housing sales office in Shandong Province, China, December 15, 2022. Housing prices in 100 cities fell for the sixth consecutive month in December, according to a private Chinese survey.

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China̵[ads1]7;s home prices fell at a faster pace in December, a private survey showed on Sunday, reflecting persistently weak demand amid rising Covid-19 cases despite a raft of support measures.

China’s property market crisis worsened this summer, with official data showing home prices, sales and investment all falling in recent months, putting pressure on the faltering economy.

Home prices in 100 cities fell for a sixth straight month in December, falling 0.08% from a month earlier after falling 0.06% in November, according to the survey by China Index Academy, one of the country’s largest independent real estate research firms.

Among the 100 cities, 68 cities had a drop in monthly prices, compared with 57 in November, the survey showed.

China has in recent weeks increased support for the industry in a bid to ease a prolonged liquidity crunch that has hit developers and delayed the completion of many housing projects, further undermining buyer confidence. The measures have included lifting the ban on raising funds via share offers for listed property companies.

The property sector has also received a small boost after Beijing abruptly dropped its strict zero-Covid policy in early December, which could lure consumers back to showrooms. But the virus is now spreading largely unchecked and probably infecting millions of people a day, according to some international health experts.

“Property policy may continue to maintain an accommodative tone with room for policy easing on the supply and demand side in 2023,” the property research firm said, adding “the housing market is expected to stabilize gradually next year.”

China’s housing prices fell faster in December: real estate survey

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