BEIJING (Reuters) – China’s new home prices were unchanged month-on-month in January, official data showed on Wednesday, suggesting the crisis-hit property sector is still grappling to find stability, despite continued government efforts to prop up the market.
That was the same as a flat figure in December, according to Reuters calculations based on National Bureau of Statistics data. On a year-on-year basis, new home prices fell 5.0%, narrowing a 5.3% drop the previous month.
Policymakers in the second half of last year ramped up efforts to support China’s property market, which fell into a slump in 2021.
The crisis in the sector, triggered by a government-led campaign to rein in property developers’ leverage, left many unable to repay debt and complete presold housing units. Home sales have tumbled and confidence sagged.
(Reporting by Liangping Gao, Yukun Zhang and Ryan Woo; Editing by Sam Holmes and Tom Hogue)
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