China's New Home Prices Stabilize After 18-Month Decline
China: In December 2024, China's new home prices stabilized for the first time in 18 months, following government stimulus measures aimed at reviving the property sector. This stabilization contrasts with a 0.1% decline in November and a 5.3% annual decrease. Beijing's interventions included cutting mortgage rates and allowing local governments to purchase unsold housing units and idle land. Despite these efforts, property investment fell by 10.6% in 2024, marking the largest annual decline on record, with property sales and new construction starts also experiencing significant drops. Analysts anticipate additional supportive policies, such as further reductions in mortgage rates and easing of home-buying restrictions, to continue stabilizing the market.
Source: Reuters