New home prices in China fell for a fifth straight month in January, albeit at a slower pace, amid easing policy and regulatory support.
Average new home prices in 70 major cities fell 0.04% in January from a month earlier, according to the China Bureau of Statistics, down 0.28% in December.
Meanwhile, more cities reported rising house prices as the country’s central bank cut its mortgage reference rate in January, and more cities eased market restrictions.
Twenty-eight of the 70 cities recorded monthly house price increases in January, up from 15 in December, according to the statistics office.
“The monthly drop in house prices and home resale shrank in January,” said a statistical analyst.
On an annual basis, average new home prices in China rose 1.65% in January, up from 1.9% in December.
New home prices also rose in 50 of the 70 cities in January (year-on-year), up from 53 in December.
Source: Capital
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