New home prices in 100 cities fell 0.01% from June, when prices rose 0.04%, according to a survey by China Index Academy, one of the world’s largest independent real estate research companies. country.
Of the 100 cities, 47 reported lower new home prices, while 41 cities had done so in June.
The total area of homes sold in 17 cities tracked by China Index Academy fell 33.4% from the previous month, according to a separate statement from the research firm, with the southern city of Guangzhou falling by 48% and Pkin by 34%.
China’s property market, already struggling with a debt crisis among developers and weak buying sentiment, has been further shaken by a mortgage boycott in recent months.
Strict rules on new borrowing have dramatically reduced access to fresh capital for developers, halting construction of hundreds of projects across China and further weighing on real estate values and sentiment.
Last week, China’s top leaders at a high-level meeting of the ruling Communist Party called for efforts to stabilize property markets and ensure the delivery of houses sold by developers before they are built.