China's major cities see falling new home prices in August

The first-tier cities across China in August witnessed falling new home prices which dropped by 0.3 percent compared to July, with a 0.2 percentage points slower decline than the previous month.

Among them, Beijing, Guangzhou, and Shenzhen recorded decreases of 0.5, 0.5, and 0.8 percent, respectively, while Shanghai saw an increase of 0.6 percent.

In the second- and third-tier cities, new home prices fell by 0.7 and 0.8 percent, respectively, in August, with both figures representing a 0.1 percentage point expansion in the decline from July.

Prices for second-hand homes in the first-tier cities reduced by 0.9 percent in August, widening by 0.4 percentage points from the previous month. While in the second- and the third-tier cities, second-hand home prices fell by 1.0 and 0.9 percent.

Compared to August 2023, new home prices in the first-tier cities dropped by 4.2 percent in August, maintaining the same rate of decline as in July. In the second- and the third-tier cities, new home prices fell by 5.3 and 6.2 percent, respectively, in August, both representing larger year-on-year declines than the previous month.

In the second-hand housing market, the first-tier cities saw a 9.4 percent year-on-year price drop in August, widening by 0.6 percentage points compared to July. In the second- and the third-tier cities, second-hand home prices fell by 8.6 percent and 8.5 percent, respectively, with both showing a 0.4 percentage point increase in the rate of decline.

According to National Bureau of Statistics (NBS) on Saturday, in the first eight months of this year, China's real estate development investment decreased by 10.2 percent, with the decline rate remaining the same as in the January to July period.

The sales area of commercial housing decreased by 18 percent, with the decline narrowing by 0.6 percentage points. The sales volume of commercial housing decreased by 23.6 percent, with the decline narrowing by 0.7 percentage points. The newly started construction area of housing decreased by 22.5 percent, with the decline narrowing by 0.7 percentage points

"From these changes, we can see that the current real estate market remains in an adjustment phase. Looking ahead on future development, China's urbanization process is continuing, and efforts are intensified in building a new model of real estate development. The real estate market still has great potential and space for development. We need to continue adhering to city-specific policies, accelerate the implementation of various policies, and promote the gradual realization of a stable and healthy real estate market," said Liu Aihua, NBS spokeswoman.

China's major cities see falling new home prices in August

China's major cities see falling new home prices in August

China's major cities see falling new home prices in August

A high-level mediation team from the African Union (AU) Commission has been dispatched to Juba, capital of South Sudan, to try to ease the rising tensions between President Salva Kiir and First Vice President Riek Machar, and help resolve the current political crisis in the country.

Riek Machar and several senior officials have been detained since clashes erupted in January between the South Sudan People's Defense Forces and the opposition fighters.

Machar was accused of instigating violence in Nasir in the northern part of the country.

The mediation team says it plans to engage Machar, but that meeting is yet to take place.

The AU is urging South Sudanese political leaders to resolve the current disagreement through dialogue.

Machar heads the largest opposition group that has an armed wing in the country, known as SPLM/A-IO.

South Sudan's government says it's still investigating Machar for being allegedly involved in clashes between government troops and armed civilians affiliated to SPLM/A-IO in Nasir.

"The mandate of the RTGoNU (the Revitalized Transitional Government of National Unity) is simple; that we stop war, we form a revitalized government of national unity so that we return security, sustainable peace in the country," said Martin Elia Lomuro, South Sudan's Minister of Cabinet Affairs.

Meanwhile, Machar's party members are calling on president Kiir to order the release of their leader.

The group argues that the arrest of Machar means the 2018 peace deal which ended five years of violence in the country has partially collapsed.

The government reaffirms its commitment to the implementation of the 2018 peace deal.

It says Mr. Machar is in conflict with the law and that the implementation of the peace deal should not be used as cover to commit crime. However, until now, South Sudanese law enforcement agencies have not charged Machar with any offense in a court of law.

South Sudan, which became independent in 2011, signed a peace deal in 2018 that ended a civil war between forces loyal to Kiir and Machar. Nearly 400,000 people died in the civil war.

Relations between Kiir and Machar, who have dominated South Sudan's politics for decades, remain strained. The clashes and latest political tensions between the two leaders have unsettled many citizens and the international community.

AU dispatches Panel of Wise to address ongoing instability in South Sudan