China Home Prices Slump After Covid Outbreaks Stifle Rescue [BNN Bloomberg (Canada)]
China Index Holdings Limited - American Depository Shares (CIH)
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Source: BNN Bloomberg
New-home prices in 70 cities, excluding state-subsidized housing, declined 0.25% from a month earlier, the same pace as November, National Bureau of Statistics figures showed Monday. For the full year, prices dropped 2.3%, according to Bloomberg calculations. The latest decline came weeks after policy makers unveiled a sweeping plan to revive the housing industry, focusing mainly on the supply side by pledging financial support to cash-strapped developers. Since then, officials have taken further steps to stimulate homebuyer demand and ensure the sector's stable growth. Yet those measures are being stifled by large-scale coronavirus outbreaks after the government suddenly abandoned its Covid Zero policy. Confidence among businesses and consumers has yet to recover to pre-pandemic levels. “Struggling property developers get to breathe some air temporarily after Chinese authorities made efforts to ease their liquidity pressure,” said Esther Liu, credit analyst at S&P Global Ratin
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