The Chinese real estate market continues to show weakness, with data released by the National Bureau of Statistics of the Communist Party on September 15 indicating that in August, the prices of new and existing homes in 70 cities continued to decline.
Comparative data shows that the prices of new homes in these 70 cities dropped by 0.3% month-on-month, maintaining a level of -0.3% for three consecutive months and a continuous downward trend for 27 months. Among them, sales prices of new commercial residential properties in first-tier cities decreased by 0.1%, while Shanghai saw a rise of 0.4%, and Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively. Second-tier cities experienced a 0.3% decrease, and third-tier cities saw a decline of 0.4 percentage points.
In first-tier cities, the sales prices of existing homes dropped by 1.0%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing decreases of 1.2%, 1.0%, 0.9%, and 0.8% respectively. Second-tier cities witnessed a 0.6% decrease, while third-tier cities saw a decrease of 0.5%.
It is worth noting that out of the 70 cities, 69 experienced a month-on-month decline in the prices of existing homes, with only Changchun showing an increase of 0.1%. Among the four first-tier cities, all saw decreases in existing home prices, with Beijing leading the decline by 1.2%. Shanghai and Guangzhou had drops of 1% and 0.9% respectively, placing them in the top ten cities with the largest price declines, while Shenzhen decreased by 0.8%, indicating a significant decline as well.
Year-on-year data shows that the sales prices of new commercial residential properties in first-tier cities decreased by 0.9%, with Shanghai seeing a rise of 5.9%, while Beijing, Guangzhou, and Shenzhen saw decreases of 3.5%, 4.3%, and 1.7% respectively. Second and third-tier cities experienced drops of 2.4% and 3.7% respectively.
In first-tier cities, the sales prices of existing homes decreased by 3.5%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 3.1%, 2.6%, 6.2%, and 1.9% respectively. Second and third-tier cities witnessed drops of 5.2% and 6.0% respectively.
Additionally, data from the National Bureau of Statistics also indicates that from January to August, national real estate development investment amounted to 603.09 billion yuan, a decrease of 12.9% year-on-year. Residential investment totaled 463.82 billion yuan, down by 11.9%. The national sales area of new commercial housing was 570 million square meters, a year-on-year decrease of 4.7%. The total sales value of new commercial housing in the country was 55 trillion yuan, down by 7.3%, with residential sales dropping by 7.0 percentage points.