Property sales in January-April by value fell 29.5% year-on-year, compared with a 22.7% decline in the first three months. More than 80 cities have taken steps to boost demand since the beginning of the year, including subsidies, reductions in mortgage rates and smaller down payments. “With no reopening in sight, a small cut to the lower limit for mortgage rates provides little support to potential first-time home buyers,” Nomura chief China economist Ting Lu said. In April, property investment fell 10.1% year-on-year, the fastest pace since December, compared with the 2.4% decline in March. New construction starts measured by floor area plunged 44.19% from a year earlier, the fastest pace since January-February 2020.

Source: MetroXpress May 16, 2022 19:50 UTC