January 3, 2023: -On Sunday, China’s home prices fell faster in December, according to a private survey, reflecting persistently weak demand between rising Covid-19 cases despite a slew of supporting measures.
China’s property market crisis is decreasing, with official data showing home prices, sales and investment all coming down in recent months, adding pressure on the faltering economy.
Home prices in 100 cities decreased for the sixth month in December, declining 0.08% from a month earlier after decreasing 0.06% in November, according to the survey by China Index Academy, one of the country’s biggest independent real estate research firms.
From the 100 cities, 68 cities posted a decrease in monthly costs, compared with 57 in November, the survey showed.
In the last weeks, China has ramped up support for the industry to relieve a long-running liquidity squeeze that has reached developers and delayed the completion of many housing projects, undermining buyers’ confidence. The moves include lifting a ban on fundraising through equity offerings for listed property firms.
The property sector has a slight boost after Beijing abruptly decreased its strict zero-Covid policy in December, which could lure consumers back to showrooms. But the virus is spreading largely unchecked and is likely to infect millions of individuals a day, according to some international health experts.
“Real estate policies may maintain an accommodative tone with room for policy easing on the supply and demand flank in 2023,” said the real estate research firm, adding, “the housing market is expected to stabilize gradually following year.”
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