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China's new home prices stall for first time since COVID-19

China's new home prices stalled for the first time since February 2020 in September, as the chill in the property market intensified amid tightening credit due to an ongoing crackdown on speculative investment.

10/20/2021 7:23:00 AM

China's new home prices stalled for the first time since February 2020 in September, official data showed, as the chill in the property market intensified amid tightening credit due to an ongoing crackdown on speculative investment

China's new home prices stalled for the first time since February 2020 in September, as the chill in the property market intensified amid tightening credit due to an ongoing crackdown on speculative investment.

Tens of thousands of Chinese developers had borrowed heavily to build homes during a surge in the property market between 2016 and 2018. But they are now facing a liquidity crunch amid tighter regulations on fresh borrowing, leaving many projects incomplete.

read more"Many developers have recently been exposed to a liquidity crunch, leading buyers to worry about buying buildings that are forever unfinished," Zhang said."It is expected that in the fourth quarter of 2021, the markets in most cities will enter an obvious adjustment cycle."

SMALLER CITIESPrice declines have particularly hammered smaller cities with persistent population outflows or uncertain economic prospects, leading to a build-up in local housing inventories.Luzhou in Sichuan province and Dali in Yunnan province saw month-on-month price declines in seven out of nine months so far this year, the most out of all the 70 major cities tracked by the statistics bureau. headtopics.com

Reuters GraphicsIn Taiyuan, the capital of northern Shanxi province, new home prices fell in six out of the nine months."Many new homes are under construction in Taiyuan, and there is a backlog of homes that hasn't been sold," said a Taiyuan resident surnamed Hou, 24.

"Previously, just opposite my home, there was construction on a plot for nearly two years, and there were several work suspensions during that time."Even China's largest cities are starting to weaken .New home prices fell for the second month in Guangzhou, while Tianjin and Chengdu saw their first monthly declines this year in September. Prices in Beijing stalled.

"If there is no significant easing of mortgage loans from October onwards, price wars will be the main buzzword in the real estate market in the fourth quarter," said Zhang.($1=6.3918 Chinese yuan)Reporting by Liangping Gao and Ryan Woo; Additional reporting by Beijing Newsroom; Editing by Sam Holmes and Christopher Cushing

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