China's Home Prices Extend Decline in December
China's Home Prices Extend Decline in December
China's home prices continued to decline in December, according to data released by the National Bureau of Statistics (NBS) [1]. The decline marks the 13th consecutive month of falling home prices in the country.
Decline in Home Prices
The NBS reported that new home prices in 70 major cities across China fell 0.3% in December compared to the previous month. This marks the 13th consecutive month of decline in home prices, with prices falling 4.6% year-over-year.
Regional Variations
Home prices in some regions of China, such as the eastern province of Jiangsu, fell more sharply than others. In Jiangsu, new home prices fell 0.8% in December, while in the southern province of Guangdong, prices fell 0.5%.
Impact on the Economy
The decline in home prices is a concern for the Chinese economy, as it can have a ripple effect on other sectors such as construction and real estate. The government has implemented policies to stabilize the housing market, including measures to increase supply and reduce prices.
Conclusion
China's home prices continued to decline in December, marking the 13th consecutive month of falling prices. The decline is a concern for the Chinese economy, and the government will need to continue to implement policies to stabilize the housing market.