China's Property Market Slump Continues, Survey Shows Widening Decline in Resale Home Prices

(CNA Taipei, July 1) A latest survey shows that the decline in resale home prices in China widened in June, indicating that the real estate market's years-long slump continues to drag down market confidence.

According to reports from mainland Chinese media, data released today by China Index Academy, a real estate research institution, shows that in June, the average price of resale homes in 100 Chinese cities decreased by 0.42% month-on-month, a further widening of the 0.32% drop seen in May.

In contrast, prices for newly built homes in June increased by 0.16% month-on-month, the same growth rate as in May.

In terms of the number of cities with price increases or decreases, 12 cities saw month-on-month increases, while 88 cities saw month-on-month decreases. Among core cities, Shanghai saw a month-on-month increase of 0.10%, and Shenzhen saw a month-on-month increase of 0.03%.

China Index Academy pointed out that in the second half of this year, Chinese real estate policies are expected to continue to provide support for both supply and demand sides, but new home sales will still face considerable pressure in the short term. (Editor: Chou Hui-ying / Chu Chien-ling) 1150701

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