According to the CITIC Construction Investment Research Report, the sales area of commercial housing across the country fell 17.3% year-on-year in November. The decline was 1.5 percentage points narrower than in October, and there was a big drop in sales. The downward pressure on housing prices continued. Second-hand housing prices in 70 large and medium-sized cities all fell month-on-month for three consecutive months from September to November; the number of cities where the price of newly built homes rose month-on-month was too small. The Central Economic Work Conference proposed “focusing on stabilizing the real estate market”, continuing the policy tone set earlier, and has a clear attitude towards stabilizing the property market; a more active fiscal policy and a moderately loose monetary policy are also expected to promote economic growth and the stability of the real estate market. Investment and completion in November faced significant downward pressure. Subsequent trends depended on sales stopping falling and stabilizing with policy support.

According to the CITIC Construction Investment Research Report, the sales area of commercial housing across the country fell 17.3% year-on-year in November. The decline was 1.5 percentage points narrower than in October, and there was a big drop in sales. The downward pressure on housing prices continued. Second-hand housing prices in 70 large and medium-sized cities all fell month-on-month for three consecutive months from September to November; the number of cities where the price of newly built homes rose month-on-month was too small. The Central Economic Work Conference proposed “focusing on stabilizing the real estate market”, continuing the policy tone set earlier, and has a clear attitude towards stabilizing the property market; a more active fiscal policy and a moderately loose monetary policy are also expected to promote economic growth and the stability of the real estate market. Investment and completion in November faced significant downward pressure. Subsequent trends depended on sales stopping falling and stabilizing with policy support.