Reported about 12 hours ago
In April, the average price of resale homes in 100 Chinese cities dropped by 0.7% month-on-month, according to a report by the China Index Academy. The decline is attributed to more properties being listed for sale, increasing competition among buyers. Following the lifting of resale restrictions in certain cities, the number of listings rose significantly. With 70% of household wealth tied to real estate, a stabilization in the housing market could mitigate potential economic impacts from a trade war with the U.S. However, home prices have reportedly decreased by 20-30% since August 2021, with average resale prices falling 7.2% year-on-year in April.
Source: YAHOO