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S&P Says CN New Home Sales Decline More than Expected This Yr, Expects to Drop at Least Another 6% Next Yr
S&P's report predicted that China's new home sales will shrink by 8% YoY to between RMB8.8 trillion and RMB9 trillion this year, a drop hugely sharper than the 3% forec...
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S&P Says CN New Home Sales Decline More than Expected This Yr, Expects to Drop at Least Another 6% Next Yr
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S&P's report predicted that China's new home sales will shrink by 8% YoY to between RMB8.8 trillion and RMB9 trillion this year, a drop hugely sharper than the 3% forecast in May.

The property buying sentiment remained feeble, and the rating agency believed that the Chinese central government needs to continue supporting the real estate industry to help restore buyer confidence.

China's five-year loan benchmark interest rate has only dipped 10 bps so far this year, compared to a drop of 60 bps last year, the report said, indicating that the Chinese government's easing policies are not as aggressive as before.

S&P assumed that if demand stabilizes first in T1 cities, it will help sustain recovery in demand. Currently, it expected that sales will decline by another 6-7% next year, with new home prices falling by 1.5-2.5%.

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