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China home prices fell at faster rate in December: real estate survey

People visit a home sales office in Shandong, China, December 15, 2022. Home prices in his 100 cities in December fell for his sixth straight month, according to a private Chinese survey.

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Home prices in China fell at a faster pace in December, according to a private survey on Sunday.

The crisis in China’s property market has worsened this summer, with home prices, sales and investment all falling in recent months, according to official data, putting pressure on the faltering economy.

Home prices in 100 cities fell for the sixth consecutive month in December, down 0.08% from the previous month after falling 0.06% in November, according to a study by China Index Academy, one of China’s largest independent property research firms. % dropped.

Monthly prices fell in 68 out of 100 cities, compared with 57 cities in November, according to the survey.

China has ramped up support to the industry in recent weeks to ease a long-running liquidity squeeze that has hit developers, delayed the completion of many residential projects, and further eroded buyer confidence. The move includes lifting the ban on fundraising through public offerings of listed real estate companies.

The real estate sector is also up slightly after Beijing abruptly withdrew its strict zero-coronavirus policy in early December. This could drive consumers back to the showroom. But some international health experts say the virus is now spreading largely uncontrolled and could infect millions of people a day.

A real estate research firm said, “Real estate policies may continue to maintain an accommodative tone with room for policy easing in terms of supply and demand in 2023.” will be done,” he added.