China Home Price Slump Deepens as Big Cities Boost Support

Beijing and Shanghai took fresh steps to spur buyer demand
Developers may resort to deeper price cuts, analyst says

WATCH: Bazooka stimulus may not work for China’s housing market, says Jing Liu, Greater China chief economist at HSBC Global Research. Source: Bloomberg

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By Bloomberg News

December 15, 2023 at 1:38 AM UTC

Updated on

December 15, 2023 at 3:08 AM UTC

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China new home prices fell for a sixth month and values in the secondary market plunged the most in nine years, underscoring why authorities are stepping up efforts to address the property slump.

New-home prices in 70 cities, excluding state-subsidized housing, dropped 0.37% from October, when they declined 0.38%, National Bureau of Statistics figures showed Friday. Existing-home prices tumbled 0.79%, the most since October 2014.