China's Real Estate Slump Continues... Housing Price Index Falls 1.6%

[Image source=Reuters Yonhap News]

[Asia Economy Beijing=Special Correspondent Kim Hyunjung] China's real estate slump is prolonging. According to the National Bureau of Statistics of China on the 15th, the housing price index of 70 major cities in November fell by 1.6% compared to the same month last year, marking a negative trend for seven consecutive months since last May. The decline in November was the same as the previous month(-1.6%), which was the worst in seven years.

Among the 70 major cities, the prices of new and secondhand houses in four first-tier cities?Beijing, Shanghai, Guangzhou, and Shenzhen?increased by 2.5% and 1.2% respectively compared to the previous year. The growth rates each decreased by 0.1% from the previous month.

In 31 second-tier cities including Tianjin, Shijiazhuang, Taiyuan, Hohhot, Shenyang, and Dalian, new housing prices fell by 1.2% year-on-year, with the decline narrowing by 0.1 percentage points from the previous month. The prices of secondhand houses dropped by 3.2% compared to last year, remaining unchanged from the previous month.

In 35 third-tier cities such as Dandong, Jilin, and Wuxi, new housing prices plunged by 3.9%, maintaining the same decline as the previous month, while secondhand housing prices further fell by 0.1 percentage points during the same period, recording a sharp decline of 4.8%.

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