Caixin
Jan 16, 2023 03:02 PM
ECONOMY

China Home Prices Slump After Covid Outbreaks Stifle Rescue

The latest decline came weeks after policymakers unveiled a sweeping plan to revive the housing industry. Photo: Bloomberg
The latest decline came weeks after policymakers unveiled a sweeping plan to revive the housing industry. Photo: Bloomberg

(Bloomberg) — China’s home prices fell for a 16th month in December, as widespread Covid outbreaks complicated efforts to rescue the slumping property market.

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.25% from a month earlier, the same pace as November, National Bureau of Statistics figures showed Monday. For the full year, prices dropped 2.3%, according to Bloomberg calculations.

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