Home prices decline in April
China’s real estate market remained largely anemic in April, but a slight price recovery in top-tier cities offered a sign of improvement in a sector deemed crucial to the economy.
Of 70 large and mediumsized cities surveyed, 48 saw new home prices dip in April from the previous month, down from 50 in March, according to data from the National Bureau of Statistics.
Year- on- year, 69 cities reported new home price declines. For existing homes, 34 cities saw price declines in April on a monthly basis, eight reported flat prices, while 28 cities posted gains.
China’s property market took a downturn in 2014 due to weak demand and a surplus of unsold homes. The cooling has continued into 2015, with both sales and prices falling and investment slowing. (Photo 1)