Politics
China Home Sales Fall Again as Sustained Stimulus Misses BNN Bloomberg
(Bloomberg) — Sales in China's residential market fell again in November, suggesting the real estate sector still has a way to go before it can post a sustainable recovery.
The value of new home sales of the top 100 real estate companies fell 6.9 percent year on year to 363 billion yuan ($50 billion), reversing a 7.1 percent gain in October, preliminary data showed of China Real Estate Information Corp. 16.6% compared to the previous month.
Beijing is struggling to stem the decline of the real estate sector, with deflationary pressures adding to economic gloom. Investors expect more policy support for China to achieve its economic target of around 5% this year.
President Xi Jinping reiterated the need to achieve the target last month, while International Monetary Fund Managing Director Kristalina Georgieva warned that China's annual growth could fall well below 4% by future without reforms aimed at stimulating domestic consumption.
Investors are closely watching whether China's longest property crisis would show signs of ending. There are signs of a tentative recovery and improving confidence following a range of policies from monetary easing to support for home buyers.
Housing prices have shown signs of stabilization, especially in tier-one cities, according to Lu Ting, an economist at Nomura Holdings Inc. Existing housing prices in Shenzhen, widely seen as a bellwether, rebounded in October, to the first time since last April. year, according to official data. The decline in overall house prices also eased in September and October.
The current round of stimulus is having a bigger impact than in May, when stimulus boosted sales for just one month, Bloomberg Intelligence real estate analyst Kristy Hung wrote in a recent note.
Still, Hung said the recovery may be limited to state-owned developers and big cities, with smaller ones left behind.
Limited demand for housing, coupled with abundant supply in major cities easing their restrictions on home purchases, suggests that buyers with purchasing power may increasingly look to quality projects in big cities, Hung said.
As prices continue to fall broadly, those with existing homes will likely wait until prices start to rebound before buying better housing, said Wang Ying, managing director of Fitch Ratings in Shanghai.
–With the help of Tian Ying.
2024 Bloomberg LP
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