New home prices in China grew at their slowest pace in 10 months in February in sign of slackening demand as the economy cools further, leaving authorities walking a tight rope between loosening some existing curbs and flushing out speculators.[BEIJING] New home prices in China grew at their slowest pace in 10 months in February in sign of slackening demand as the economy cools further, leaving authorities walking a tight rope between loosening some existing curbs and flushing out speculators.
On the whole, it logged the 46th straight month of price increases. Most of the 70 cities surveyed by the NBS still reported monthly price increases for new homes, though the number was down to 57 from 58 in January.Xining, the capital of Qinghai province in central China by the Tibetan Plateau, was the top performer last month with a monthly price increase of 2.3 per cent.
Growth in the world's second-biggest economy slumped to near three-decade lows last year hit by the tariff row with the United States and Beijing's multi-year crackdown on debt. Policymakers appear keen to avoid dealing a sharp knock to the real estate market as it directly influences 40 other business sectors in China and is key to tempering the economic slowdown.
New household loans, mainly mortgages, totalled 919.2 billion yuan in February, accounting for 22.36 per cent of total new loans last month, central bank data showed last week.
Source: News Formal (newsformal.com)
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