Caixin
Jan 17, 2019 08:19 PM
ECONOMY

China’s Housing Market Slowdown Deepens

December marked the fourth straight increase in the number of cities reporting a month-on-month drop in existing-home prices. Photo: IC
December marked the fourth straight increase in the number of cities reporting a month-on-month drop in existing-home prices. Photo: IC

The decline in existing-home prices in China is spreading to more cities, government data showed Wednesday, adding to evidence the property market is cooling and giving the government more flexibility to relax long-standing restrictions to bolster slowing economic growth.

Prices of existing homes are a better reflection of market conditions as new-home prices and sales are subject to tighter regulation. December marked the fourth straight increase in the number of cities reporting a month-on-month drop — 22 of the 70 major cities monitored by the National Bureau of Statistics said prices declined, up from 17 in November and a significant jump from the two cities that showed a decrease in August. On a year-on year-basis, four cities reported a drop in December, up from three the previous month.

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