China's home price growth slips to 10-month low as economy slows
BEIJING - New home prices in China grew at their slowest pace in 10 months in February in sign of slackening demand as the economy cools further, leaving authorities walking a tight rope between loosening some existing curbs and flushing out speculators.
Average new home prices in China’s 70 major cities rose 0.5 percent in February, slowing from a 0.6 percent gain in January and marked the lowest growth rate since April 2018, according to Reuters calculation of data released by the National Bureau of Statistics on Friday. On an annual basis, home prices rose 10.4 percent in February, accelerating from a 10.0 percent gain in January.
“The data suggests some cities resorted to price-cutting to promote sales under the pressure of meeting sales targets amid a traditionally off-season for the market,” said Yan Yuejin, director of the E-house China Research and Development Institution.Prices growth in China’s four top-tier cities - Beijing, Shanghai, Shenzhen and Guangzhou - rose 0.3 percent from a month earlier, slowing from a 0.4 percent gain in January, the statistics bureau said in a statement accompanying the data.
Credit conditions have been on the looser side in recent months as China has cut the amount of cash banks keep as reserves five times since last year to boost lending to companies.
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