World News | The central bank issued policies to stimulate the market China’s property market sales are stable

Beijing [China]Feb 17 (ANI): New York-based NTDTV reports that property sales in China have remained steady despite the central bank’s policies to stimulate the market.

According to data from China Real Estate Information Group (CRIC), the real estate industry is in a downward spiral and is truly heading for an era of negative growth, which is a consensus.

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In January, the Chinese government and central bank introduced various policies to resume sales. Local and provincial governments in China are doing everything they can to simplify the home loan application process. Many incentives are introduced to encourage more sales.

However, the expected recovery in China’s real estate market has not occurred. According to the statistics of China Index Research Institute on January 31, the total sales of the top 100 real estate companies in January were 422.33 billion yuan (about 63 billion U.S. dollars), a year-on-year decrease of 31.7%, ranking the forefront in equity sales. According to NTD, the 100 real estate companies recorded 325.54 billion yuan (about 45.5 billion U.S. dollars), down 35.2% year-on-year.

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On February 2, CRIC announced the sales volume of real estate companies in January. The report believes that in the short term, China’s real estate supply and demand and transaction volume will not show obvious signs of recovery, and the overall sales will remain at a low level.

According to the report, China’s real estate sales will bottom out and rebound in 2022, and new construction areas, real estate investment, and corporate investment enthusiasm will all fall to the bottom. It is now generally believed that the industry is in decline and will face an era of negative growth, and the level of optimism in 2023 basically does not exist.

According to the report, in the first three quarters of 2023, Chinese real estate companies will face huge debt repayments.

The People’s Bank of China released the “Report on Loans by Financial Institutions in the Fourth Quarter of 2022” on February 3, stating that as of 2018, the balance of personal housing loans in my country has only increased by 1.2% year-on-year. According to NTDTV, by the end of 2022, it will be 10% lower than the end of 2021.

These statistics suggest that the Chinese economy will face tougher challenges in the coming years as real estate accounts for about a quarter of China’s total GDP.

The regime is scrambling to reverse an economic slump as weakness in the real estate sector threatens to destabilize the entire Chinese economy, according to NTD.

According to a recent report from Insideover, the Chinese government faces a crisis because there are still thousands of unfinished apartments in the country, even though those who have taken home loans are still waiting to be completed, and bad debts are rising in the country. Debt accounts for 29% of total loans by 2022.

Giuliani said people are now refusing to pay their mortgages and the existing home market is seeing the biggest price declines in nearly a decade. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)