China’s home-price growth slows as coronavirus seizes economy

The 6.45% increase was slowest reported gain since July 2018

National /
Feb.February 19, 2020 10:30 AM
China’s home-price growth slows to 18-month low amid concerns over coronavirus (Credit: iStock)

China’s home-price growth slows to 18-month low amid concerns over coronavirus (Credit: iStock)

Home prices in China are the latest economic metric to take a hit as the country battles to contain the coronavirus outbreak.

China’s National Bureau of Statistics reported the average price of new homes in 70 Chinese cities increased 6.45 percent from January 2019, the slowest rate of growth since July 2018, the Wall Street Journal reported.

But home-price growth is expected to slow further as the full effects of the coronavirus on the economy are yet to be realized.

“There will certainly be a nationwide large-scale price reduction in February,” said Zhang Dawei, a Beijing-based analyst for Centaline, according to the Journal.

Home sales in the country are believed to have plummeted as much as 90 percent, following the lockdown last month of Wuhan, the capital of Hubei province where the virus was first reported.

More than 70,000 people have been infected with the virus — called COVID-19 — and more than 2,000 have died. The vast majority of cases are concentrated on the Chinese mainland. Experts note that as far as the United States is concerned, the common flu is a much more widespread and deadly disease than coronavirus appears to be. [WSJ] — David Jeans 


Related Articles

arrow_forward_ios
Office workers in major cities reach pandemic-best return rates
Office workers in major cities reach pandemic-best return rates
Office workers in major cities reach pandemic-best return rates
Office tenants nationwide are touring buildings at record numbers for the pandemic (Getty)
Tenants rushing back to tour offices, but things still far from normal
Tenants rushing back to tour offices, but things still far from normal
Nearly 100K homes sold across UK in August ahead of tax break expiration
Nearly 100K homes sold across UK in August ahead of tax break expiration
Nearly 100K homes sold across UK in August ahead of tax break expiration
Eviction Notices (iStock)
Westchester County leads state in evictions outside NYC
Westchester County leads state in evictions outside NYC
New York state is also contributing $125 million toward rent relief from the budget. (iStock)
On Long Island, family of 4 earning $156K qualifies for rental assistance
On Long Island, family of 4 earning $156K qualifies for rental assistance
Covid surge dims enthusiasm for ICSC Vegas conference
Covid surge dims enthusiasm for ICSC Vegas conference
Covid surge dims enthusiasm for ICSC Vegas conference
US office investment market remains well below 2019 levels
US office investment market remains well below 2019 levels
US office investment market remains well below 2019 levels
The big inflation hedge that wasn’t
The big inflation hedge that wasn’t
The big inflation hedge that wasn’t
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...