China new home prices inch up for third month in November - survey
Reuters
Published Dec 01, 2023 01:38AM ET
BEIJING (Reuters) - China's new home prices rose slightly for a third straight month in November, a private survey showed on Friday, as the crisis-hit property sector struggles to stabilise despite a slew of government support measures.
Prices rose 0.05% on average from the previous month after gains of 0.07% and 0.05%, according to the survey by real estate research firm China Index Academy.
Only 38 of the 100 cities surveyed reported increases in new home prices.
China's property sector, which makes up about one-quarter of the world's second-biggest economy, has stumbled from crisis to crisis in a major blow to consumer and investor confidence, keeping economic growth from resuming a solid footing this year.
Government support for the property sector in recent months has included easing curbs on home purchases and cutting mortgage costs.
China Index Academy said in a report the policy direction for the national property market was clear, and support from the supply and demand sides was expected to continue until the market shows recovery.
A Reuters poll on Wednesday found expectations for 1% growth in new home prices next year, little changed from an August poll.
"Beijing is turning more proactive to stabilise growth and the new dual-track housing model may help stabilise the property sector in the coming quarters," HSBC said on Thursday.
"This includes making affordable housing accessible and allowing the commercial real estate to return to its commercial nature, i.e., it could be for living or for speculation."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.