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China August new home prices fall month-on-month at fastest pace since Nov 2021

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BEIJING — China’s new home prices fell in August at the fastest pace since November 2021 as its property sector was plagued by weak demand, a mortgage boycott and strict COVID-19 restrictions.

New home prices in August fell 0.3% month-on-month from no change in July, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Friday.

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New home prices in August fell 1.3% year-on-year, the fastest pace since August 2015, extending a 0.9% decline in July.

The property sector, hard hit by a debt crisis, has been hammered by a mortgage boycott as homebuyers withhold payments for stalled projects. (Reporting by Liangping Gao and Ryan Woo; Editing by Muralikumar Anantharaman)

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