CHINA ECONOMY MARKET HOME CONSTRUCTION

New home prices in China decreased by 0.7 percent year-on-year in January 2024

epa11173975 People walk in front of the shopping mall in Shanghai, China, 22 February 2024 (Issued 23 February 2024). China's National Bureau of Statistics reported that new home prices in China decreased by 0.7 percent year-on-year in January 2024, which is a steeper decline than the 0.4 percent fall in the previous month. It marks the seventh consecutive month of decline and the sharpest drop since March 2023. Despite Beijing's efforts to mitigate the impact of the prolonged property downturn and fragile economic recovery, the decline continues. The rate of decline in prices was more pronounced in Shenzhen (-4.1 percent compared to -3.6 percent in December) and Guangzhou (-3.6 percent compared to -3.0 percent), while it moderated in Beijing (1.3 percent compared to 1.7 percent), Chongqing (2.0 percent compared to 2.0 percent), Shanghai (4.2 percent compared to 4.5 percent), and Tianjin (2.1 percent compared to 2.3 percent). Additionally, new home prices fell by 0.3 percent in January, after a 0.4 percent decrease in December, which was the deepest fall since February 2015. EPA/ALEX PLAVEVSKI

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