© Stocksak. FILE PHOTO – A photo of residential buildings near a construction site in Beijing on April 14, 2022. Picture taken April 14, 2022. REUTERS/Tingshu Wang
BEIJING (Stocksak), – China’s September home prices dropped because its property sector is battling a mortgage boycott and a heightened debt crisis. COVID restrictions have also weighed on the economy.
According to Stocksak calculations that were based upon Monday’s National Bureau of Statistics data, September saw a 0.2% drop in new home prices compared to August’s 0.3%.
September’s new home prices declined 1.5% year-on–year, compared to August’s 1.3% decline.
China has introduced a number of policies to revive its troubled sector, including lowering mortgage rates for some buyers and refunding income tax for some homeowners.