Financial News: China House Prices Continue To Fall In February

China House Prices Continue To Fall In February

03/15/2024 - 04:51:00 (RTTNews)

(RTTNews) - House prices in China's major cities continued to decline in February amid ongoing challenges in the property market, reports said citing data from the National Bureau of Statistics on Friday.

House prices fell 0.3 percent from the previous month in February. Prices of resold homes also decreased across first, second and third-tier cities.

Resold home prices posted an annual fall of 6.3 percent in the first-tier cities and by 5.1 percent in both second and third-tier cities. ING economist Lynn Song said establishing a trough for house prices would go a long way towards stabilizing sentiment.

The economist observed that real estate will remain the main drag on growth in 2024 and this drag is likely to persist over the medium-term as it will take time to work through excess housing inventories.

"Real estate investment is likely to remain in negative growth for the year, and the property sector and connected industries will likely continue to see pressure for consolidation," Song added.

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