New home prices in China fall further

• Prices for new homes in China fell for a fifth straight month in Nov 22, increasing the government’s challenge in stabilising the property development industry, a private survey showed.
• New-home prices had been 0.06% lower in Nov 22 than in Oct 22, when the monthly decline was 0.01%, said China Index Academy, one of the country’s largest independent real estate research firms.
• Among 100 cities surveyed by the research firm, 57 saw Nov 22 new-home prices lower than in Oct 22, when prices had been lower in 54 cities.
• The Pearl River Delta city of Zhongshan saw the biggest fall in Nov 22, with prices down 1.45% from Oct 22.
• Measured by floor area, the volume of home sales in the 100 cities was down nearly 30% from a year earlier, the firm said in a separate statement, partly due to stringent pandemic measures.

External Link : https://www.reuters.com/world/china/new-home-prices-china-fall-further-november-survey-2022-12-01/