BEIJING (Reuters – China’s latest home prices declined at a slower rate in December than a one month prior, official data revealed on Saturday. The slowdown is a result of stabilising demand, which was driven by marginal easing by financial curbs and promotional efforts by property developers.
The average new property price in China’s 70 largest cities fell 0.2% from a month before, which was slower than the 0.3% fall in November according to Reuters calculations based on data published by National Bureau of Statistics (NBS).
China’s property market is now slower than it was in June 2021, as regulators intensified their deleveraging campaign to tackle the sector. This led to defaults at some companies that were heavily indebted.
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