New home prices in China fell a further 0.3% month-on-month in January, despite Beijing’s efforts to stimulate demand in the local real estate market. Reuters. On an annual basis, housing prices decreased by 0.7%, the sharpest decline in the last 10 months.
The number of provinces with decreasing prices in January decreased. Thus, while the rate of decline in real estate values slowed slightly in Beijing, Guangzhou and Shenzhen, primary housing demand in Shanghai increased by 0.4% over the period.
“It may take more than a year for the entire real estate market to fully recover,” said Nie Wen, an economist at Shanghai-based Hwabao Trust.
Household loans, mostly mortgages, rose to 980.1 billion yuan in January from 222.1 billion yuan in December, according to data from China’s central bank dated February 9.
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