New home prices in 70 cities - excluding government-subsidized cities - fell at a faster pace in February. <According to National Bureau of Statistics data released on Wednesday, new home prices in 70 cities - excluding government-subsidized cities - fell 0.14% compared with January, when the decline was 0.07%, indicating an acceleration in the pace of decline. Second-hand homes also saw a decline of 0.34%, the same as the previous month, reflecting continued weak demand and low investor confidence in the real estate sector.
The continued decline threatens hopes for a recovery of the real estate market, as deflationary pressures continue to weigh on China's economy as policymakers struggle to contain the crisis.
Lu Ting, chief economist at Nomura Holdings, warned in a March 10 report: “Markets should not forget that China's property market collapse is far from over, and the sector appears to be losing further momentum according to high-frequency data.”
Lu Ting, chief economist at Nomura Holdings, warned in a March 10 report.
