The decline in the Chinese housing market continues to look very real.From SocGen:
According to the National Bureau of Statistics, the average new property price in 70 major cities fell 0.14% m/m in January, and the second-hand property price declined by 0.4% m/m during the same period.
The details showed 47 out of the 70 major cities in China experienced m/m declines in their new residential property prices (including both public and private housing), and no cities recorded increases. In December, the numbers of cities that saw declining, flat, and rising prices were 52, 16, and 2, respectively. The low transaction volume in January probably helped narrow pace of correction temporarily.
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