BEIJING: China's new home prices fell for the first time in four months in May and home sales slumped, according to a private survey, adding to pressure on a property market which is struggling to stabilize from a sharp slump.
New home prices among 100 cities fell 0.01 per cent month-on-month in May from 0.02 per cent growth the previous month, according to survey data from the China Index Academy on Thursday . Home sales by value by property developers fell 18.8 per cent from a month earlier, the independent real estate research firm said in a separate statement on Wednesday.
"The real estate market was under greater adjustment pressure and homebuyers' sentiment continued to fall in May," said the firm. The property sector gained a boost from the lifting of tough COVID-19 curbs in December, low mortgage interest rates and a slew of policy support measures.Demand, however, remains bleak in small cities as consumers are still cautious about big ticket spending amid concerns over incomes and jobs as a post-pandemic economic recovery loses steam.
"These property market data will likely further weigh on China-related assets in the next couple of weeks," said Nomura.
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