New house prices in China increased by 0.15%

02 Jul 2024 CW Team

According to a private poll, the price of new homes in China increased in June at the slowest rate in five months. Thus far, the country's struggling property sector has benefited little from a recent large government package of assistance measures. Data from real estate research firm China Index Academy shows that the average price of new residences across 100 cities increased by 0.15% month over month in June, a less substantial increase than a 0.25% gain in May. It also stated that from January to June, the value of new house sales at China's top 100 real estate enterprises fell by 41.6% compared to the same time last year. Chinese officials launched what they described as a historic support package in May for the real estate industry, which has been severely impacted by a lack of liquidity. The package further cut downpayment requirements and removed the floor for mortgage rates. Local governments can also now instruct state-owned firms (SOEs) to purchase completed unsold apartments from property developers and convert them into social housing. The China Index Academy data also showed the average price of second-hand homes across 100 cities fell 0.73% in June from a month earlier, the 26th straight month of declines.

Real Estate

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