China needs a narrative that house prices are going to rise, Nomura's Koo says [MSNBC.com]
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Source: MSNBC.com
Pictured here is a real estate project under construction in Huai 'an city, Jiangsu province, China, on April 8, 2024.Future Publishing | Future Publishing | Getty ImagesBEIJING — China needs to convince people that home prices are on their way up in order for economic activity to pick up, Richard Koo, chief economist at Nomura Research Institute, told CNBC's Steve Sedgwick last week.Business and consumer appetite for new loans have had a tepid start to the year, while home prices dropped at a steeper pace in January than in February, according to Goldman Sachs' analysis.In other words, as Koo warned last year, Chinamay be entering a "balance sheet recession,"But it's not clear whether prices have reached an actual bottom yet. Koo andother analysts have pointed outprices have not fallenwatch nowVIDEO3:5003:50Economist explains how exchange rate, 'Wall Street types' enabled Trump's riseSquawk Box EuropeChinese officials have said that real estate remains in aperiod of "adjustment."new
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