China's Property Market Shows Signs of Stabilization After Stimulus Efforts

New home prices in December remained steady for the first time in 18 months, supported by government measures and improved market sentiment.

New home prices across 70 major Chinese cities were flat in December, marking the smallest monthly decline since June 2023.
Top-tier cities, including Beijing and Shanghai, recorded a 0.2% month-on-month increase in new home prices, while resold home prices rose 0.3%.
The stabilization follows a series of government measures, such as reduced mortgage rates and incentives for local governments to purchase unsold housing stock.
December also saw a 0.5% increase in the area of new commercial housing sales and a 1% rise in sales volume compared to the previous year.
Market confidence has grown, with over 69% of surveyed respondents expecting stable or rising home prices in the next six months.