In China, in parallel with continuing debt problems in the real estate sector and reduction of investment, a decrease in housing prices continues.
According to the housing price index announced by the National Statistics Bureau, in November, prices for new housing in 70 large and medium -sized cities of the country fell by 0.4 percent, and the prices for used housing by 0.8 percent.
In 59 out of 70 cities, prices for new housing decreased, and prices for used housing in 69 cities decreased compared to the previous month.
Prices for used houses recorded the fastest decline since October 2014.
Although the total area of houses sold in 11 months of 2023 reached 1 billion square meters, it decreased by 8 percent compared to last year.
The total cost of sales over 11 months decreased by 5.2 percent compared to the same period last year, falling to 10.5 trillion yuan (about 1.5 trillion dollars).
Real estate investments in China in January-November decreased by 9.4 percent compared to the same period last year.