China new home prices, sales fall on soft demand in May - Reuters.com
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BEIJING, June 1 (Reuters) - China's new home prices fell for the first time in four months in May and home sales slumped, according to a private survey, adding to pressure on a property market which is struggling to stabilize from a sharp slump.
New home prices among 100 cities fell 0.01% month-on-month in May from 0.02% growth the previous month, according to survey data from the China Index Academy on Thursday.
Home sales by value by property developers fell 18.8% from a month earlier, the independent real estate research firm said in a separate statement on Wednesday.
"The real estate market was under greater adjustment pressure and homebuyers' sentiment continued to fall in May," said the firm.
The property sector gained a boost from the lifting of tough COVID curbs in December, low mortgage interest rates and a slew of policy support measures.
Demand, however, remains bleak in small cities as consumers are still cautious about big ticket spending amid concerns over incomes and jobs as a post-pandemic economic recovery loses steam.
Among 100 cities surveyed by the firm, 29 cities reported a rise in home prices in monthly terms.
"We see no sign of a new round of big easing/stimulus for the property sector yet, even markets have been increasingly worried about the weakness of the property markets and its spillover effect," said Nomura in a research note on Thursday.
"These (bearish) property market data will likely further weigh on China-related assets in the next couple of weeks," said Nomura.
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New home prices among 100 cities fell 0.01% month-on-month in May from 0.02% growth the previous month, according to survey data from the China Index Academy on Thursday.
Home sales by value by property developers fell 18.8% from a month earlier, the independent real estate research firm said in a separate statement on Wednesday.
"The real estate market was under greater adjustment pressure and homebuyers' sentiment continued to fall in May," said the firm.
The property sector gained a boost from the lifting of tough COVID curbs in December, low mortgage interest rates and a slew of policy support measures.
Demand, however, remains bleak in small cities as consumers are still cautious about big ticket spending amid concerns over incomes and jobs as a post-pandemic economic recovery loses steam.
Among 100 cities surveyed by the firm, 29 cities reported a rise in home prices in monthly terms.
"We see no sign of a new round of big easing/stimulus for the property sector yet, even markets have been increasingly worried about the weakness of the property markets and its spillover effect," said Nomura in a research note on Thursday.
"These (bearish) property market data will likely further weigh on China-related assets in the next couple of weeks," said Nomura.
Our Standards: The Thomson Reuters Trust Principles.
India will cut tariffs for daytime power use but charge a premium when electricity demand peaks during the night, in a bid to manage surging demand and boost the use of renewable energy.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
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