JPMorgan Econ FI-China Home price recorded sharpest fall in current cycle Va...-107633379

JPMORGANAsiaPacificEconomicResearch16April2024China:HomepricerecordedsharpestfallincurrentcycleVankeinfocus,testing(quasi-)SOEs’resiliencyTheyear-on-yearfallinNBS70-cityhomepriceswidenedtothesharpestEmergingMarketsAsia,Economicmagnitudeinthecurrenthousingcycle,despitethemarginallynarrowerandPolicyResearchsequentialdeclineinMarch.Newhomepricedeclined2.7%oya(vs-1.9%inFebruary),alongwitha5.9%dropforsecondaryhomeprice(vs-5.1%inTingtingGeFebruary).Insequentialterms,theNBS70-citynewhomepricefell0.3%m/mnsa,comparedto0.4%inthepriorfiveconsecutivemonths.Comparedtothe(852)2800-0143previousmonth,newhomepricesdeclinedin57citiesinFebruary(vs59citiesintingting.ge@jpmorgan.comFebruary),increasedin11cities(vs8citiesinFebruary)andwereunchangedintheremaining2cities.Acrosscitytiers,newhomepricesfell0.1%m/minTier-1HaibinZhucities(vs-0.3%February),withcontinuedoutperformanceofShanghai(+0.5%),flatinBeijing,anda0.7%and0.4%fallinGuangzhouandShenzhen.Newhome(852)2800-7039pricesalsodropped0.3%m/minTier-2cities,and0.4%inTier-3cities.Asforthehaibin.zhu@jpmorgan.com70-citysecondaryhomeprice,itdropped0.7%m/mnsainTier-1cities,andwasdown0.5%inbothTier-2and3cities.NotethatofficialdatamayhaveGraceNgunderestimatedthehousingpricecorrection,partlyduetolimitedcitysamplecoverageaslower-tiercitiesmayhaveexperiencedsharperhousingprice(852)2800-7002...