China: House prices decline again in December
House prices in 70 large- and medium-sized cities fell 0.2% month on month in December, according to a weighted average index calculated by Refinitiv from data issued by the National Bureau of Statistics (NBS), following Novembers 0.2% decrease.
Meanwhile, house prices decreased 1.5% annually in December, following Novembers 1.6% decline.
Other indicators are testament to the depressed real estate sector. In 2022 as a whole, there were double-digit declines in housing starts, developer funding and home sales. The housing market should recover this year, thanks to the lifting of Covid-19 restrictions and a raft of fresh measures from the government to boost the property sector.