BEIJING : China's new home prices fell for the fifth straight month in December as COVID-19 outbreaks hurt demand, but the dismantling of strict pandemic curbs and hope for more support measures have brightened the outlook.New home prices in December declined 0.2 per cent month-on-month, the same pace as
BEIJING : China's new home prices fell for the fifth straight month in December as COVID-19 outbreaks hurt demand, but the dismantling of strict pandemic curbs and hope for more support measures have brightened the outlook.
From a year earlier, prices dropped 1.5 per cent, falling for the eighth month in a row and compared with a 1.6 per cent slump in November. A flurry of property support measures for home buyers and developers in recent weeks, coupled with Beijing's abrupt removal of its zero-COVID policy last month cheered the market, but continued sluggish demand still constrains the recovery.
The property sector, once a key driver of the world's second-largest economy, was severely mired last year as debt-ridden developers failed to finish stalled projects and led to mortgage boycotts by some buyers.
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