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Financial News: China House Prices Fall At Slower Pace

China House Prices Fall At Slower Pace

02/23/2024 - 01:50:00 (RTTNews)

(RTTNews) - China's new home prices declined for the seventh month in a row, but at a slower pace in January, reports said citing the official data.

Prices of new houses in the major 70 cities in the country decreased 0.37 percent from the previous month, when they fell 0.45 percent.

News agency Xinhua reported that 56 of 70 large and medium-sized cities reported monthly declines in new home prices, which was less than 62 in December.

Further, 68 cities reported price declines for second-hand homes versus 70 in the previous month.

Slower decline in house prices adds to signs that the measures adopted by the government to boost the property market during the crisis is starting to take effect.

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