China's New Home Prices Plummet by 4.5% in June 2024, a 9-Year Low
China's new home prices have fallen at the fastest pace in nine years, with the battered sector struggling to find a bottom despite government support measures.
ChinaProperty MarketNew Home PricesEconomyNational Bureau Of StatisticsReal EstateJul 15, 2024
The property market's steep downturn since 2021 has led to a series of developers defaulting, leaving numerous construction sites idle. This has eroded confidence in the sector, traditionally favored by Chinese households as a safe haven for their savings. Authorities have rolled out a flurry of support measures, including cutting home buying costs in major cities and allowing local governments to buy some unsold apartments and turn them into affordable housing.
Frequently Asked Questions
What is the current state of China's new home prices?
China's new home prices have fallen at the fastest pace in nine years, with a 4.5% decline from a year earlier.
What is the impact of the property sector's downturn on the economy?
The property sector's downturn is a significant drag on the $18 trillion economy, as it accounted for a quarter of GDP at its peak.
What measures have the authorities taken to support the property sector?
The authorities have rolled out a flurry of support measures, including cutting home buying costs in major cities and allowing local governments to buy some unsold apartments and turn them into affordable housing.
What is the outlook for the property sector?
Analysts believe that the property sector's struggles are expected to continue, and the government's support measures may not be enough to revive the sector.
What is the significance of the Communist Party leadership meeting in relation to the property sector?
The Communist Party leadership meeting will discuss key economic issues, including measures to redistribute income from central authorities to local municipalities and curbing an addiction to land sales laid bare by China's property crisis.
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