China house prices plunge even further in August, down 2.5% y/y (prior -2.8%)

  • China's property sector is still a drag on the rest of the economy
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Chinese New House Prices -0.3% m/m in August

  • prior -0.3%

-2.5% y/y

  • prior -2.8%

Used home prices -0.58% m/m

  • prior -0.55%

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New home prices in first-tier cities -0.9% YoY in August

  • prior -1.1%
  • prices up in Shanghai, down in Beijing, Guangzhou, and Shenzhen

Second-hand home prices in first-tier cities -3.5% YoY in August

  • prior -3.4%
  • prices down in all of Shanghai, Beijing, Guangzhou, and Shenzhen

Second- and third-tier cities second-hand home prices -5.2% and -6.0% YoY respectively

  • prior -5.6% and -6.4% respectively

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