New home prices in China continue to slide:
-0.4% m/m in December
- -0.3% in November
-0.4% y/y
- -0.2% in November
Reuters reports that
62 out of 70 cities with m/m falls in sales prices of new homes
- 59 in November
70 of 70 price falls for 2nd-hand
- 69 in November
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The housing sector is a key growth engine in China. At least when prices are rising and folks are buying. The debt-induced slump in the sector is a factor weighing on economic growth. The GDP data is due at the top of the hour but we know what it is already:
- China's Premier Li Qiang has already announced the country's 2023 economic growth number
- (spoiler alert is 5.2%)
