Salem Radio Network News Friday, January 21, 2022

Business

China new home prices fall at slower pace in December

BEIJING (Reuters) – China’s new home prices fell at a slower pace in December than a month earlier, official data showed on Saturday, indicating stabilising demand driven by marginal easing on financing curbs and promotions by property developers.

Average new home prices in China’s 70 major cities declined 0.2% in December from a month earlier, slower than a 0.3% drop in November, according to Reuters calculations of data released by the National Bureau of Statistics (NBS).

China’s property market has slowed since June 2021 as regulators stepped up their deleveraging campaign against the bloated sector, triggering defaults at some heavily indebted companies.

(Reporting by Liangping Gao and Andrew Galbraith; Editing by Muralikumar Anantharaman)

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