China New Home Prices Decline 3.2 Percent in February
China's new home prices fell 3.2 percent annually in February as the property sector remained weak. Major cities showed resilience despite falling investment.
Prices for new homes in China extended their decline in February, as the property sector struggles to find a floor despite signs of stabilization in the nation's largest metropolitan areas. According to calculations by Thomson Reuters Corporation based on data from the National Bureau of Statistics, new home prices fell 3.2% year-on-year, a sharper contraction than the 3.1% dip seen in January and the most significant annual slide in eight months.
On a monthly basis, the pace of the decline moderated slightly to 0.3% from 0.4% in the previous month. Zhang Dawei, an analyst at Centaline Property, noted that while the slower monthly drop is a positive indicator, the broader market remains in a period of significant adjustment.
