New home prices in China stalled for the first time since the outbreak of the Covid-19 pandemic in September, as worries around the country’s property sector increased amid tightening credit due to an ongoing crackdown on speculative investment, reports Reuters.
The average new home price in 70 major Chinese cities was unchanged in September month-on-month, compared with 0.2% growth in August, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS) on Wednesday.
Some analysts said prices fell 0.08%, or even 0.1%, based on their respective calculations, which can vary slightly due to different formulas used. The data showed 27 cities reported month-on-month gains, compared with 46 in August, the lowest since February 2020 at the height of China’s COVID-19 outbreak.
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