New warning signs emerge for China's property market
CNBC 2023-05-31 00:09:38 • 4 mins
Key Points
- Data for May show China's massive property sector is still struggling to turn around, despite signs of recovery earlier this year.
- New home sales for the week ended May 28 grew by 11.8% from a year ago, a sharp slowdown from 24.8% growth a week earlier, pointed out Nomura's chief China economist Ting Lu in a report.
- In the secondary-home market, business activity "has been cooling since April, with a fall in the number of listed-for-sale homes, lower asking prices and fewer transactions," Fitch Ratings said.
Construction on a real estate development project gets underway near the Bund in Shanghai, China, on May 25, 2023.
Future Publishing | Future Publishing | Getty Images
BEIJING New data show China's massive property sector is still struggling to turn around, despite signs of recovery earlier this year.
"In a reversal from April, prices accelerated in the housing market but sales slowed," the U.S.-based China Beige Book said in its report for May, released Tuesday. That's based on the research firm's survey of 1,085 businesses conducted from May 18 to 25.
