Ekonomické zprávy

China's new home prices declined slightly in April

Data published by the National Bureau of Statistics of China (NBS) showed that in April, average new home prices in China's 70 major cities fell by 0.2% per annum, as expected, after falling by 0.8% per annum in March. The latest drop was the weakest since May 2022. NBS said that the price reduction has been recorded for the 12th month in a row. Meanwhile, on a monthly basis, the growth in prices for new housing slowed to 0.4% from 0.5% in March. This was the fourth monthly price increase in a row. Fewer cities reported rising house prices in April. Home prices in tier-two and three cities also rose at a slower pace in April.

Meanwhile, experts note that slower house price growth, along with yesterday's weak data that indicated a sharp fall in property investment and sales, raise doubts about the strength of the recovery in the real estate sector, which is critical to China's economy. The government's aggressive real estate stimulus policies have boosted sentiment over the past few months, but homebuyers are increasingly worried about job security. At the same time, the latest lending data showed that the growth of medium- and long-term household loans, mainly mortgages, slowed down in April, in line with slower property transactions.

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