China's new home price index fell last month from the previous month in 56 of 70 major cities.
Although the number of cities that experienced declines decreased from the previous month, 80% of the cities still experienced declines, and the real estate market continues to slump.
Last month's new home price index released by China's National Bureau of Statistics on the 23rd fell from the previous month in 56 out of 70 major cities.
Although the number of cities with declines decreased by 6 from the previous month, this still accounts for 80% of all major cities.
On the other hand, only 11 cities saw an increase, and three cities remained the same.
Looking at the results by city,
Shanghai's prices rose by 0.4%, while Guangzhou's prices fell by
0.8%
, Shenzhen* by 0.7%
, and Beijing's
prices by 0.1%.
In addition
, real estate prices in small regional cities have fallen by 0.4% on average, demonstrating once again that real estate prices continue to slump regardless of the size of the city.
The Chinese government is encouraging banks to strengthen financial support for the real estate industry, and the People's Bank of China has lowered interest rates this month, which is the benchmark for long-term lending such as home loans, in an effort to improve the real estate market. A number of measures have been launched one after another, and it will be interesting to see how effective these measures will be.
(*Sen = earthen river)