China’s home prices drop for the first time in 2021.
China’s New Home Prices Fall, Putting Pressure on Authorities for Bolder Stimulus
The latest data from the National Bureau of Statistics (NBS) reveals that China’s new home prices experienced a 0.2% decline in July, marking the first decrease this year. This follows a flat reading in June. On a year-on-year basis, prices were down 0.1%. These figures highlight the ongoing struggles faced by the embattled property sector, which accounts for a quarter of China’s economic activity.
The decline in home prices is occurring amidst a worsening debt crisis at major developers, as well as sliding property investment and home sales. Combined with the broader softening of economic growth and weak consumer confidence, these figures put pressure on policymakers to implement more substantial support measures.
Despite previous financial support for developers and incentives for first-time home buyers and upgraders, the property sector continues to struggle. In July, the Politburo, a top decision-making body of the ruling Communist Party, pledged to adjust property policies in response to significant market changes.
Efforts to restore confidence include the central bank’s unexpected cut in key policy rates for the second time in three months, as well as guiding banks to adjust interest rates on existing mortgages. Some cities have also relaxed property curbs, but the investor response has been tepid so far, underscoring China’s economic underperformance this year.
Among 70 cities, 49 saw a decline in new home prices in July compared to 38 cities the previous month.
(Reporting by Qiaoyi Li, Liangping Gao and Ryan Woo; Editing by Sam Holmes & Shri Navaratnam)
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