- August 15, 2023
- Posted by: legaleseblogger
- Category: Related News
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# Decline in New Home Prices in China Accelerates in July
## Introduction
The decline in new home prices in China has accelerated in July, with smaller, lower-tier cities experiencing the sharpest falls. This information comes from calculations made by Goldman Sachs based on government data.
## Overview of the Decline
New home prices have declined by 2.5% on a month-on-month basis on a seasonally-adjusted annualized basis. This decline is faster than June’s fall of 2.2%.
### Variation Across Cities
The decline in prices differs across different tiers of cities:
– First-tier cities experienced a 0.1% decline in prices.
– Second-tier cities saw a 0.5% decrease in prices.
– Third-tier cities faced a 3.9% drop in prices.
– Fourth-tier cities recorded a 3.3% decrease in prices.
## Year-on-Year Comparison
Compared to the previous year, the weighted average new home price across 70 large and medium-sized cities remained unchanged.
## Challenges in China’s Property Sector
China’s property sector is currently facing challenges including flagging demand and a renewed liquidity crisis.
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