China new home prices rise more slowly in August, survey shows
10:11 pm Saturday, August 31st, 2024
BEIJING (Reuters) – Prices of new homes in China rose at slower pace in August, a private survey showed on Sunday, as the crisis-hit property sector struggles to find its bottom after a slew of supportive policies.
The average price for new homes across 100 cities edged up 0.11% from July, slowing from the previous month’s 0.13% rise, according to data from property researcher China Index Academy.
China’s property sector, a pillar of the economy, has lurched from one crisis to another since 2021, when a regulatory crackdown on high leverage among developers triggered a liquidity crisis.
A series of stimulus and easing measures from local policymakers have struggled to boost sales or increase liquidity.
In August 35 cities reported higher home prices, down from 38 in July.
“Overall, as (the property sector enters) the traditional peak season of ‘Golden September and Silver October’, real estate developers may increase their efforts to promote sales,” China Index Academy said.
“Coupled with the further implementation and effectiveness of supportive policies, the market activity in core cities is expected to slightly rebound in the short term,” it said.
(Reporting by Ziyi Tang, Liangping Gao and Ryan Woo; Editing by William Mallard)
