Prices for new and second-hand homes in China’s major cities declined in February as the country’s property downturn deepened.
Average prices for new homes in the most affluent cities, so-called tier-one cities, fell 1 per cent from the previous year, while those for second-hand homes dropped 6.3 per cent, the National Bureau of Statistics said on Friday.
In the southern cities of Guangzhou and Shenzhen, new home prices fell 4.6 per cent and 4.8 per cent, respectively. This week Vanke, a large state-backed developer based in Shenzhen, had its debt rating downgraded by Moody’s.
The Hang Seng Mainland Properties index, which tracks large Chinese developers listed in Hong Kong, was down 2.2 per cent.
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