April new house prices in China -0.6% m/m
-3.1% y/y
New house prices slumping,
- used houses prices down also, -0.9% m/m.
64 cities out of 70 with m/m decreases in sales prices of new homes vs. 57 in March
- 69 decrease in 2nd-hand vs. 69 in March
House prices falling more rapidly than in March. Hard to argue this is a positive sign, until it turns around. Maybe this will make a difference ahead:
Property sector stocks are soaring since that news was released. While its still said to be only a plan, expectations of the purchase of unsold homes from distressed developers is high.
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