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China Housing October 2022

China: House prices fall at a sharper pace in October

House prices in 70 large- and medium-sized cities fell 0.3% month on month in October, according to a weighted average index calculated by Refinitiv from data issued by the National Bureau of Statistics (NBS). The print followed Septembers 0.2% fall.

Meanwhile, house prices increased 1.6% annually in October, down from Septembers 1.5% increase. Annual average growth in house prices slowed to 0.5% in October, from 0.9% in the previous month.

Other indicators continued to show a depressed real estate market, with the declines in property investment and real estate developer funding deepening in January–October relative to January–September, and new residential housing starts falling by around 38% year on year. More positively, the government has recently announced a raft of measures to reboot the property sector, which together with the ongoing shift towards living with Covid-19 should see a real estate recovery as 2023 progresses.

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