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China's government keeps new home prices flat for the 1st time in 18 months

China's government keeps new home prices flat for the 1st time in 18 months

Posted on January 17, 2025 |

China's new home prices remained steady in December after 18 months of decline, thanks to government support.

Home prices dropped 5.3% compared to last year in December, a smaller fall than the 5.7% decrease in November.

China’s property market has struggled since 2021, with many developers unable to repay debts or complete homes.

The government took action in the second half of 2023, lowering mortgage rates and allowing local governments to buy unsold homes and land.

Home prices remained stable month-to-month in December, and some major cities saw price increases.

23 out of 70 cities experienced home price increases, six more than in November.

Property investment fell by 10.6% in 2024, with declines in sales and new construction, reflecting ongoing difficulties in the market.

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