Second-hand house price continues to drop in December

Prices for existing homes in China’s four major cities continued to drop in December, reports Caixin, which says this is a sign that recovery remains elusive despite a slower pace of monthly declines.

Data released Monday by the National Bureau of Statistics showed that prices of second-hand homes in Beijing, Shanghai, Guangzhou and Shenzhen dropped 7% in December from a year earlier, deepening from a 5.8% annual drop the prior month. On a month-over-month basis, prices slipped 0.9%, moderating slightly from November’s steeper fall.

The numbers suggest the market remains under significant pressure even as the rate of price erosion appears to be easing.