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Is China's ravaged property market heading for a turnaround - it is quite difficult to say for sure standing at this points but further evidence from data suggests that decline is definitely slowing down even if improvement is not yet here.
According to latest NBS numbers, new home prices in 70 cities across China, decline by -2.3% in August, compared to -3.7% decline in July. This decline marks fourth consecutive narrowing of slowdown and latest figure is smallest since last September.
- New home prices rose in nine of 70 cities in August from a year earlier, up from three in July.
- Beijing posted solid yearly growth of 3%, versus 1% in July.
- Prices in Shanghai were up 5.6% from a year earlier, from 3.1% advance in July.
As of now, it can't be said with certainty that conditions have eased, given fixed asset investment is still in decline. Nevertheless easing conditions in Beijing's property market is likely to boost local realtors trapped in pile of debt.
