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China New housing prices in April -0.6% m/m (previously -0.3%)

New housing prices in China in April -0.6% m/m

  • -0.3% before

-3.1% y/y

  • before -2.2%

Prices of new housing are collapsing, prices of second-hand housing are also falling, -0.9% m/m.

House prices are falling faster than in March. It’s hard to argue that this is a positive sign until things turn around. Maybe this will make a difference in the future:

  • Chinese government plans to buy unsold houses to reduce oversupply

Real estate stocks have been soaring since this news was released. While it’s still just a plan, expectations for buying unsold homes from struggling developers are high.

This article was written by Eamonn Sheridan at www.forexlive.com.

cnbctv18-forexlive

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