China's New Home Prices Remain Stable in January
New home prices in China remained unchanged month-on-month in January, according to official data released Wednesday. This signals that the crisis-hit property sector continues to face challenges despite government support measures.
The data, based on figures from the National Bureau of Statistics, shows that new home prices held steady compared to December. However, on a year-on-year basis, prices dropped by 5.0%, a slight improvement from the 5.3% decline in December.
In the second half of 2021, policymakers intensified efforts to bolster the property market, which suffered a downturn in 2021. The crisis was fueled by a government campaign to reduce excessive leverage among property developers, leading to liquidity issues and a slowdown in housing construction. Home sales and consumer confidence have both weakened as a result.