![]() New home purchases in 40 major cities tracked by data provider China Index Holdings were 22% below pre-pandemic levels in 2019.Ĭompared with last year, sales were up 25% - but that was mainly due to the low base of comparison with 2022, when Shanghai and other cities were in lockdown. Home sales were dismal over the five-day Labor Day break in May, the first long holiday since China abandoned pandemic restrictions and infection waves eased. ![]() Here are five warning signs from recent housing market data: After a bullish start to 2023, iron ore - used in steelmaking - has dropped below $100 a ton, largely because of the subdued demand for Chinese homebuilding. The fate of the sector also weighs on the global economy, as it helps drive demand for commodities like iron ore and copper. “The property recovery this year will be only moderate.” “After a short-lived recovery in February-March, the release of pent-up demand for home purchases has come to an end,” said Lu Ting, Nomura Holdings Inc.’s chief China economist. That’s despite Beijing rolling out a slew of measures to prop up the market, from lowering home loan rates to easing financing rules for developers. Property investment also continues to contract, and consumers are reluctant to take out mortgages. High-frequency indicators in recent weeks show momentum in home purchases has fizzled. ![]() China’s property sector is key for the economic growth outlook this year, as it accounts for about 20% of the country’s gross domestic product after including related industries. Signs of weakness are emerging after housing sales and prices recovered briefly following a historical slump of about 18 months. ![]() (Bloomberg) - China’s housing market sales is regressing after a brief recovery, underscoring the challenges the world’s second-largest economy is facing. ![]()
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