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Will Rents Fall Too ! House Prices Drop Across 70 Cities in China

On December 17, the National Bureau of Statistics released the data on changes in the selling prices of residential properties in 70 major cities in December 2023.

Shen Yun, a senior statistician from the Urban Department of the National Bureau of Statistics, interpreted the data, stating that in December 2023, among the 70 major cities, the selling prices of residential properties in various tier cities showed both month-on-month decreases and year-on-year fluctuations.

Looking at the month-on-month changes, in December, the selling prices of newly built residential properties in first-tier cities decreased by 0.4% compared to the previous month, with the decline expanding by 0.1 percentage points.

Among them, Beijing remained stable, Shanghai increased by 0.2%, while Guangzhou and Shenzhen decreased by 1.0% and 0.9%, respectively. For second and third-tier cities, the month-on-month decrease in selling prices for newly built residential properties was 0.4% and 0.5%, respectively, both expanding by 0.1 percentage points compared to the previous month.

Regarding year-on-year changes, in December, the year-on-year change in selling prices of newly built residential properties in first-tier cities shifted from a 0.3% increase in the previous month to a 0.1% decrease. Specifically, Beijing and Shanghai increased by 1.7% and 4.5%, while Guangzhou and Shenzhen decreased by 3.0% and 3.6%.

For second-tier cities, the year-on-year increase in selling prices of newly built residential properties was 0.1%, with the growth rate decreasing by 0.1 percentage points compared to the previous month. Third-tier cities saw a year-on-year decrease of 1.8%, expanding by 0.2 percentage points compared to the previous month.

Looking at the changes in the selling prices of second-hand residential properties, the month-on-month decrease in December was 1.1% for first-tier cities, narrowing by 0.3 percentage points compared to the previous month.

Among them, Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 1.2%, 0.6%, 1.5%, and 1.1%, respectively. For second-tier cities, the month-on-month decrease was 0.8%, expanding by 0.1 percentage points compared to the previous month. Third-tier cities saw a month-on-month decrease of 0.8%, with the decline remaining the same as the previous month.

Regarding year-on-year changes, in December, the year-on-year decrease in selling prices of second-hand residential properties in first-tier cities was 3.5%, expanding by 0.6 percentage points compared to the previous month. Specifically, Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 2.2%, 3.4%, 5.2%, and 3.1%, respectively.

For second and third-tier cities, the year-on-year decrease in selling prices of second-hand residential properties was 4.0% and 4.2%, respectively, with the decline expanding by 0.4 and 0.3 percentage points compared to the previous month.

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