China's new home prices fall at fastest pace since 2015:
The prolonged property downturn remains a major drag on the economy.
reuters.com/markets/asia/china-new-home-prices-fall-fastest-pace-since-2015-2024-10-18/
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China’s Housing Market Hits Lowest Prices Since 2015New home prices dropped 5.8% year-on-year in September, deepening the property sector’s drag on economic growth.
Key FactsOct 18, 2024 · Reading time: ~45 sec.
Summary created with AI assistance · Source: reuters.com
Summary created with AI assistance · Source: reuters.com
- New home prices in China fell 0.7% month-on-month in September, marking the 15th consecutive monthly decline.
- The CSI300 real estate index dropped nearly 3% despite government efforts including lower mortgage rates and eased purchase restrictions.
- Officials aim to raise bank lending to 4 trillion yuan by year-end and issue 6 trillion yuan in special bonds over three years.
- Economic growth slowed to 4.6% in Q3, complicating the achievement of annual targets amid ongoing real estate weakness.
We estimate national property sales will decline to about 8.5 trillion-9 trillion yuan in 2024 and further to 8 trillion-8.5 trillion yuan in 2025.— Edward Chan, analyst at S&P Global Ratings, regarding future property sales in China.
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