Wednesday, May 25, 2022
Martin Hennecke

Property market 'bottoming out'
<p>Average new home prices in China&#39;s 70 major cities declined 0.2 percent in December from a month earlier, slower than a 0.3 percent drop in November as marginal easing on financing curbs, and promotions by property developers helped to stabilize demand.</p><p>Monthly prices picked up in 15 of 70 cities, up from nine cities that reported price gains in November, data from the National Bureau of Statistics showed.</p><p>&quot;The property market is gradually bottoming out with the period of tightest credit over,&quot; said Zhang Dawei, chief analyst at property agency Centaline. First- and second-tier cities will be the first to emerge from the downturn, he said.</p><p>China&#39;s property market has slowed since June 2021 as regulators stepped up their deleveraging campaign against the bloated sector, triggering defaults at some heavily indebted companies.</p><p>But the decline moderated as authorities and property developers in multiple cities introduced measures in December to boost home sales, with local governments providing subsidies for buyers and real estate firms offering discounts.</p><p>Separately, rents in Shenzhen dropped 5.5 percent year-on-year to around 72 yuan (HK$88.23) per square meter in 2021, the same level as in 2017, mainland media reported, citing data from a real estate agency.</p>

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