Economic IndicatorsTop News

China’s home prices return to growth in March as pandemic impact starts to ease

imageEconomy19 hours ago (Apr 15, 2020 10:15PM ET)

(C) Reuters. FILE PHOTO: Vanke sign is seen above workers working at the construction site of a residential building in Dalian

BEIJING (Reuters) – New home prices in China returned to growth in March after stalling for the first time in five years in February, suggesting some pent-up demand as the impact from the coronavirus outbreak on the property market gradually fades.

China has in recent weeks lifted transport curbs and city lockdowns which had crippled business operations for developers and reduced customer visits to property showrooms, as the authorities gradually brought the pandemic under control.

The coronavirus crisis has killed more than 3,300 people and infected over 82,000 in mainland China.

Average new home prices in China’s 70 major cities edged up 0.1% in March from the previous month, having been unchanged in Feburary, according to Reuters calculations based on National Bureau of Statistics (NBS) data published on Thursday.

On a year-on-year basis, home prices grew 5.3% in March, the slowest pace since June 2018, easing from a 5.8% uptick in February.

The majority of the 70 cities surveyed by the NBS still reported monthly price increases for new homes, with the number rising to 38 from 21 in February.

Prices were unchanged in Wuhan,the epicentre of the outbreak, as it did not sell any properties in March due to the pandemic, NBS said in a statement alongside the data.

China’s major property developers, such as Evergrande (HK:3333), have been launching discounts and promotions to spur sales. Latest data from researcher CRIC shows sales of the top 100 developers surged 136.2% last month from February. https://

Developers said they expected sales to normalise in April, following an 80%-90% recovery in March, but analysts noted that consumers remain cautious amid lingering fears of the pandemic and potential job losses.

China’s home prices return to growth in March as pandemic impact starts to ease

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button
Close
Close
Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!