China’s Dec new home prices fall at fastest pace since Feb 2015

Residential buildings are pictured near a construction site in Beijing, China April 14, 2022.  REUTERS/Tingshu Wang/File photo

BEIJING  – China’s December new home prices fell at the fastest pace since February 2015, marking the sixth straight month of declines, official data showed on Wednesday, with the sector still struggling to get back on its feet due to weak confidence.

New home prices fell 0.4 percent month-on-month after dipping 0.3 percent in November, according to Reuters calculations based on National Bureau of Statistics (NBS) data.

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Prices were down 0.4 percent from a year earlier, compared with a 0.2 percent fall in November.

Authorities have been scrambling to roll out measures to boost sentiment, but home buyers remain cautious amid a sluggish economy and prolonged property crisis.