China August new residence costs fall month-on-month at quickest tempo since Nov 2021

BEIJING : China’s new residence costs fell in August on the quickest tempo since November 2021 as its property sector was suffering from weak demand, a mortgage boycott and strict COVID-19 restrictions.

New residence costs in August fell 0.3 per cent month-on-month from no change in July, based on Reuters calculations primarily based on Nationwide Bureau of Statistics (NBS) knowledge launched on Friday.

New residence costs in August fell 1.3 per cent year-on-year, the quickest tempo since August 2015, extending a 0.9 per cent decline in July.

The property sector, arduous hit by a debt disaster, has been hammered by a mortgage boycott as homebuyers withhold funds for stalled tasks.