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MNI BRIEF: China Home Prices Post Biggest Fall in Seven Years

MNI (PERTH)
(MNI) Perth

The pressing need for Beijing's new suite of measures to support China's ailing property sector was underscored by the biggest decline in new home prices in seven years in October, according to data released by the National Bureau of Statistics on Wednesday. New home prices fell 0.37% in October, the 14th consecutive monthly decline and the biggest decline in a single month since February 2015. Average new home prices fell 2.4% y/y, an slight acceleration from a 2.3% y/y decline in September.

Beijing responded to the weak property market by unveiling a 16-point plan late last week that seeks to ease financing pressures on developers. (See CHINA PRESS : Policy Support For Property Developers Is Not A Bail Out - Yicai).

The new measures have sparked debate over whether there will be a cut to the Loan Prime Rate for maturities of five years and longer, which is used by banks as a reference rate for pricing mortgages. The LPR fixing is due next Monday. (See CHINA PRESS : Analysts Divided On Need For RRR Cut - Securities News)

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Policy NewsAPACChinaBriefStoryRegion
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Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Policy NewsAPACChinaBriefStoryRegion
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