Growth in Chinese House Prices Slows
Sales prices of newly constructed commercial residential buildings in 70 large and medium-sized Chinese cities grew by 6.5% year-on-year in January, the lowest growth rate since June 2018, according to data from the National Bureau of Statistics. Last month’s annual change slowed from growth of 6.8% in December 2019.
Prices for newly built residential properties in four cities posted annual declines last month, the highest number of cities registering a contraction since July 2018.
Meanwhile, in a bid to support economic activity, China’s central bank cut the interest rate on its medium-term lending today to 3.15% from 3.25%, according to Reuters.