Decline of home prices in China eased for a second month in January, offering a sign of hope for the debt-ridden property sector.
National Bureau of Statistics figures, new home prices in 70 cities excluding state-subsidized housing, fell 0.04% last month from December, when they dropped 0.28. Figures in the secondary market declined 0.28%, down for a sixth month.
“Homebuyers are still in a heavy wait-and-see mode after price cuts in December extended to the New Year,” said Chen Wenjing, associate research director at China Index Holdings to Bloomberg. “Many cities will likely remain lackluster this month.”
Chinese authorities have been taking various initiatives to slowdown property sector clampdown that hurting the domestic economy severely. Banks in several Chinese cities have cut mortgage down payments for some homebuyers, according to local media, in a move that may boost flagging housing demand.
