China's average new home prices declined for the ninth successive month as buyers are reluctant to make more purchases amid the on-going economic crisis caused by the pandemic related woes, reports said Thursday, citing data from the National Bureau of Statistics.
New house prices in 70 large and medium sized cities fell 1.5 percent year-over-year in January, the same pace of decrease as in the prior month.?
The decline did not intensify at the start of the year as a result of the country relaxing its anti-COVID measures with increased spending.
In addition, home prices increased 0.1 percent on a monthly basis, which was the first rise in a year.
In order to support the struggling property market, the Chinese government introduced a number of stimulus measures, including favourable mortgage rates and reopening old financing measures.
The Chinese economy is still struggling despite the lifting the pandemic restrictions amid rising inflation and weakening business activity at the start of the year.
