HomeReal EstateChina Home Prices Hit New Low in June

China Home Prices Hit New Low in June

China’s home prices remained almost unchanged in June, official data showed on Saturday. This is the lowest level of change that the market has experienced so far this year.

Reuters calculations, based on National Bureau of Statistics (NBS) data, found that June’s price change even fell below the 0.1% rise in May. Compared to June last year, prices remained relatively unchanged as well, also falling from a 0.1% increase in May.

Despite governmental efforts to support the market, China’s property sector continues to struggle since it first entered crisis mode. Local governments, regulators, and the central government in Beijing all announced a slew of measures over the past few months to aid the flailing sector, however, these have had minimal effect. Comprising a quarter of China’s total economy, the property sector remains heavily relied upon.

Among those measures that have been implemented are extended financial support for developers as well as incentives for home buyers. Ultimately, a lack of market confidence and extended periods of flailing demand have erased all hopes of an economic recovery in the near term.

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