New home prices in China grew at their weakest pace in nearly two years in Janua...
BEIJING - New home prices in China grew at their weakest pace in nearly two years in January, as the economy slows and a fast-spreading coronavirus outbreak brings the country’s property market to a standstill.
Average new home prices in China’s 70 major cities rose 0.2% in January from the previous month, lower than a 0.3% gain in the previous month and marking the slowest pace since February 2018, according to Reuters calculations based on National Bureau of Statistics data released on Monday. “Overall, the prices data have yet to reflect the impact from the coronavirus. There will be widespread price cutting in the country in February,” said Zhang Dawei, a Beijing-based analyst with property consultancy Centaline in a note to clients.
Speculation is growing that more local governments and banks may relax restrictions on buyers to reduce pressure on the economy. China has clamped down on property speculation since 2016 to stop prices from overheating, but they had still risen for nearly 6 straight years. Indeed, property developers and realtors are turning to virtual reality salesrooms, livestream marketing and generous incentives but the market has all but ground to a halt.
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