China house price falls continue

Friday 24 October 2014

China has released its official house price data and the news is accelerating falls in September. New home prices fell in 69 of 70 cities by 1.3% year on year from 0.5 in the positive in August. Prices were down 1% month on month after falling 1.1% in August. Existing home price fell in all 70 cities.

Beijing new home prices were down -0.7% month on month and existing home prices were down -1.4% month on month. Shanghai new home prices were down -0.9% month on month and existing home prices were down -0.1% month on month.

In short, sizeable falls but before the big mortgage easing.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.