BEIJING : China's new home prices will see a deepening fall in the first half of the year before rebounding at a faster pace in 2023, according to a Reuters poll, as the scrapping of COVID-19 curbs and stimulus policies improve sentiment.New home prices are expected to fall 1.0 per cent year-on-year in th
BEIJING : China's new home prices will see a deepening fall in the first half of the year before rebounding at a faster pace in 2023, according to a Reuters poll, as the scrapping of COVID-19 curbs and stimulus policies improve sentiment.
Consumers' income and expectations are recovering slowly and the housing supply is exceeding demand in small cities, said Lu Zhe, chief economist at Topsperity Securities. A tentative property sector revival was seen in January, with home prices rising for the first time in a year, boosted by aggressive government support late last year, lower mortgage rates and a U-turn on the"zero COVID" containment policy.
Property sales are expected to slump 9.0 per cent in the first half of the year, a bigger drop than the 5.0 per cent fall forecast in the November poll. Economists expect a 1.5 per cent slump in sales for the whole of 2023, a bigger drop than the 1.0 per cent fall expected in the last poll, the survey found.
Markets are waiting for a relaxation of restrictions on prices, purchases and sales that authorities in so-called first-tier cities imposed to rein in surging prices and speculation.
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