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Yuke Xie

A gauge of new home prices in China slid 0.3 per cent in July, adding to the steepest drop in eight months in June as a slew of recent government support measures did little to revive citizens’ interest in property investment.
The month-on-month drop in new home prices across 70 major cities matched the decline in the previous month, which was the sharpest since a 0.5 per cent fall in October, according to National Bureau of Statistics data released on Friday.
New home prices have been sliding since April 2022 on a year-on-year basis. Last month, they fell by 3.4 per cent from a year earlier, narrowing from a 3.7 per cent decline in June.
Authorities have introduced a series of measures since September to support the housing sector. This month, the Beijing municipal government made a surprise move to lift home-purchase restrictions in the city’s outlying areas, a step analysts said could signal similar measures in Shanghai and Shenzhen.
Other stimulus measures included cuts to mortgage rates and down payments, while local governments continued easing home-purchase restrictions to support prices. Banks have also been encouraged to provide developers with additional funding through the project “white list” scheme.
Prices in China’s four first-tier cities fell 0.2 per cent in July from a month earlier, when they dropped 0.3 per cent. In the southern metropolises of Guangzhou and Shenzhen, prices declined steadily over the last quarter, falling 0.3 per cent and 0.6 per cent, respectively. In Beijing, July prices were unchanged, while Shanghai continued to buck the trend, with prices rising 0.3 per cent to cap more than three years of increases.
Demand remains lacklustre, with cautious consumers adding to their savings rather than investing in homes, thus extending the struggles of developers, which have been battling a liquidity crunch since a nationwide deleveraging campaign began in late 2020 to rein in debt in the sector. China Evergrande, once China’s biggest developer, said it would delist from the Hong Kong stock exchange this month, nearly four years after it first defaulted. Meanwhile, other major developers including Country Garden, Sunac and Vanke continue to wrestle with heavy debt burdens.
The number of cities reporting a decline in home prices rose in July to 60 from 56 a month earlier. While seasonal factors – July is traditionally a slower month – played a role, the trend also reflected a tangible drop in housing demand, said Yan Yuejin, vice-president of E-House China Real Estate Research Institute in Shanghai.

“Some developers have been saying since the second quarter that sentiment has been waning,” he said. “A moderate reduction in home prices will better align demand with supply, but severe price adjustments could rattle the market, which is something we should avoid.”
The pressure on China’s property sector comes as other key indicators lose momentum, amid weakening domestic consumption and the ongoing trade war with the US. July retail sales rose 3.7 per cent, slower than expected and down from a 4.8 per cent increase in June. Industrial output also fell short of forecasts, growing 5.7 per cent from a year earlier, the weakest reading since November.
In the second-hand home market, where prices have been falling for more than two years, July sales slipped 0.5 per cent from June, which saw a 0.6 per cent drop. On an annual basis, prices fell 5.9 per cent in July, compared with a 6.1 per cent drop in June.
Property investment continued to dwindle in the first seven months of the year, dropping 12 per cent to 5.36 trillion yuan (US$746.5 billion) from a year earlier, compared with a decline of 11.2 per cent in the first six months, official data showed.
“Since the September policy pivot last year, policymakers have aimed to provide a floor to the property market,” Goldman Sachs said in a report on Friday. “We expect incremental housing easing measures to stabilise home prices and contain the left-tail risk in the property sector.”


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Drop in new home prices across 70 major cities matches the previous month, which was the sharpest decline since October


Drop in new home prices across 70 major cities matches the previous month, which was the sharpest decline since October.


China’s home prices continue slide as support measures fail to budge sentiment

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Drop in new home prices across 70 major cities matches the previous month, which was the sharpest decline since October

Drop in new home prices across 70 major cities matches the previous month, which was the sharpest decline since October