© Reuters. FILE PHOTO: A person works at a residential building construction site in Beijing, China September 6, 2023. REUTERS/Tingshu Wang/File Photo
BEIJING (Reuters) – China’s January new home prices fell for the seventh straight month, official data showed on Friday, even as policymakers stepped up support to restore confidence to the debt-ridden sector.
New home prices fell 0.3% month-on-month after dipping 0.4% in December, according to Reuters calculations based on National Bureau of Statistics(NBS) data.
Prices were down 0.7% from a year earlier, compared with a 0.4% fall in December.
China has been ramping up measures to arrest a property downturn, including announcing on Tuesday its biggest ever reduction in the benchmark mortgage rate, although analysts believe its impact on home price will be limited given existing mortgage holders will not benefit until next year.
This story originally appeared on Investing
