70 major Chinese cities experienced falling home prices in May, as reported by the National Bureau of Statistics (NBS).
70 major Chinese cities experienced falling home prices in May, according to the National Bureau of Statistics (NBS). New and second-hand home prices declined across cities, with first-tier cities seeing a 0.7% drop and third-tier cities a 0.8% fall. Despite the decline, positive changes in the property market were acknowledged, such as a narrowing year-on-year decline in sales of newly built commercial housing. In response, China implemented policies including reducing minimum down payment ratios and establishing a re-lending facility for government-subsidized housing projects.
June 17, 2024
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