China's new home prices fall at fastest pace since 2015
New home prices fell in monthly and annual terms
Authorities stepped up efforts to prop up the property sector
Adds Q3 GDP, property sales, comments
By Liangping Gao and Ryan Woo
BEIJING, Oct 18 (Reuters) -China's new home prices fell at the fastest pace since May 2015 in September, official data showed on Friday, despite increased efforts to revive the struggling property sector.
In annual terms, new home prices were down 5.8% from a year earlier, deeper than a 5.3% slide in August, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Reuters also reported prices fell 5.7%, which was due to an automated rounding off of figures.
New home prices were down for the 15th consecutive month, falling 0.7% month-on-month in September and matching a dip in August.
The weakness in the sector sent China's CSI300 real estate index down nearly 3% in early trading, bucking the lift in the broader index.
China's prolonged property downturn, which once accounted for a quarter of its economic activity, remains a major drag on the economy.
In recent weeks, China has introduced supportive measures, including lower mortgage rates, and eased home purchase restrictions, which have spurred some demand in major cities.
On Thursday, the housing authority announced plans to expand the "white list" of eligible housing projects and increase bank lending to 4 trillion yuan by year-end, in a bid to stabilise the ailing real estate sector.
Additionally, China is expected to raise 6 trillion yuan through special treasury bonds over the next three years to reinvigorate its struggling economy.
Friday's data showed the economy grew 4.6% in the third quarter, slowing from 4.7% in the second quarter.
"The soft reading puts the annual growth target under pressure as the economy will have to post a sharp quarterly rebound of about 1.5% in the final quarter," said economist Junyu Tan at Coface Greater China Services Limited.
Of the 70 cities surveyed by NBS, two reported year-on-year gains in prices last month.
Separate data also published on Friday showed property sales down 17.1% in January-September, compared with a 18.0% slump in January-August.
China's real estate stocks fell after a closely watched housing policy briefing on Thursday left some investors disappointed due to lack of big fresh stimulus.
"Addressing the imbalance between too much stock and too little confidence will be key to stabilizing China's property market," said S&P Global Ratings in a research note on Friday.
"We estimate national property sales will decline to about 8.5 trillion-9 trillion yuan in 2024 and further to 8 trillion-8.5 trillion yuan in 2025," said S&P Global Ratings analyst Edward Chan.
Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Sam Holmes
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
