China's new home price index in February fell from the previous month in 59 cities, more than 84% of major cities.
The number of cities with declines has increased from the previous month, and real estate prices continue to decline in cities of all sizes.
China's National Bureau of Statistics announced on the 15th that the new housing price index for February fell from the previous month in 59 out of 70 major cities.
The number of cities with declines increased by three from the previous month, accounting for more than 84% of major cities.
On the other hand, only eight cities saw an increase, and three cities remained unchanged.
Looking at the results by city,
Shanghai's prices rose by 0.2%, while Guangzhou's prices fell by
0.8%,
Shenzhen's by 0.5%
, and Beijing's
prices by 0.1%.
In addition, real estate prices in smaller regional cities have also fallen by 0.4% on average, and real estate prices continue to slump regardless of the size of the city.
The Chinese government is strengthening financial support for real estate businesses, and the People's Bank of China has taken a series of measures in February, such as lowering interest rates, which are the benchmark for long-term loans such as home loans, and will continue to take such measures in the future. It will be interesting to see if this will lead to improvements in the real estate market.
*Sen is “earth” and “kawa”