Dec 16, 2023 06:27 AM

ECONOMY

China’s Housing Market Woe Deepens with Price Drops in More Cities

By Niu Mujiangqu and Han Wei

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China’s housing market downturn has persisted for more than two years with both prices and sales falling

China’s housing market downturn has persisted for more than two years with both prices and sales falling

An increasing number of Chinese cities saw home prices tumble in November, underscoring the persistent housing market downturn despite a slew of supportive policies.

New-home prices in 70 major cities fell by 0.4% last month from October, data released by the National Bureau of Statistics (NBS) showed Friday. This figure excluded state-subsidized housing. Prices of pre-owned homes dropped 0.8%, the most since October 2014.

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