Last Updated on January 1, 2023 by Bitfinsider

According to a private survey released on Sunday, China’s housing prices fell quicker in December, showing stubbornly weak demand amid growing Covid-19 cases despite a series of assistance measures.

This summer, China’s property market crisis deteriorated, with official statistics revealing that housing prices, sales, and investment have all fallen in recent months, putting more strain on the country’s struggling economy.

According to a poll conducted by China Index Academy, one of the country’s leading independent real estate research businesses, home prices in 100 cities decreased for the sixth month in a row in December, down 0.08% from a month earlier after decreasing 0.06% in November.

According to the poll, 68 of the 100 cities saw a decrease in monthly pricing, compared to 57 in November.

In recent weeks, China has increased its assistance for the industry in an effort to alleviate a long-running liquidity crunch that has harmed developers and delayed the completion of numerous housing projects, further eroding customer confidence. Among the changes has been the easing of a prohibition on financing through equity offerings for publicly traded real estate companies.

The property sector has also benefited from Beijing’s surprise abandonment of its rigorous zero-Covid policy in early December, which may entice customers to return to showrooms. According to some worldwide health experts, the virus is currently growing virtually uncontrolled and is possibly infecting millions of people every day.

“Real estate policies may continue to retain an accommodating tone in 2023, with opportunity for policy relaxing on both the supply and demand side,” the real estate research group stated, adding that “the housing market is projected to gradually stabilize next year.”