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China Housing June 2022

China: House prices remains broadly unchanged in June

House prices in 70 large- and medium-sized cities were unchanged month-on-month in June, according to a weighted average index calculated by Refinitiv from data issued by the National Bureau of Statistics (NBS), following May’s 0.1% decrease.

Meanwhile, on an annual basis, house prices fell at a sharper rate of 0.5% in June (May: -0.1% yoy), the worst result since September 2015. Accordingly, annual average growth fell to 2.3% in June (May: +2.7%), signaling a worsening trend in the sector.

Other housing market indicators pointed to subdued dynamics, but suggested the sector may have bottomed out in May: In the year to June, building sales and real estate developer funding fell at softer paces than in the year to May. Concerns over further stop-start Covid-19 restrictions and debt-distressed developers will likely keep the property market subdued in the near term, notwithstanding recent cuts to mortgage rates and the partial rollback of property market curbs.

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