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

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      China

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

      2024-09-14 15:58 Last Updated At:17:57

      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

      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

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      Trump sworn in as 47th U.S. president

      2025-01-21 03:04 Last Updated At:04:17

      Donald Trump was sworn in as the 47th president of the United States in the Rotunda of the U.S. Capitol at noon on Monday, beginning his second term as he returns to the White House after four years.

      Due to projected cold weather in Washington, D.C., his inauguration ceremony was held indoors -- the first time in four decades.

      Trump took his oath of office administered by Chief Justice John Roberts. Chief Justice usually administers the presidential oath of office, a tradition that has been followed since the first inauguration.

      Trump said in his inauguration speech that American decline ends and "the golden Age of America begins right now."

      In his speech, Trump promised to sign "a series of historic executive orders," including declaring a national emergency at the southern border, enhancing oil and gas production, revoking electric vehicle mandate. He also promised to immediately begin the overhaul of the trade system and "tariff and tax foreign countries."

      Trump pledged to bring down prices, save auto industry, "restore fair, equal and impartial justice," and bring law and order back to U.S. cities.

      Criticizing Democrats' DEI (Diversity, Equity and Inclusion) programs, the newly sworn-in president said this week, he will also end the government policy of "trying to socially engineer race and gender into every aspect of public and private life," and "forge a society that is colorblind and merit based."

      He noted that it will be the "official policy" of the United States government that there are only two genders -- male and female.

      Trump also pledged to build the strongest military the world has ever seen. "We will measure our success, not only by the battles we win, but also by the wars that we end and perhaps most importantly, the wars we never get into," Trump said, adding that he will be a peacemaker and unifier.

      The president reiterated that he will change the name of the Gulf of Mexico to the Gulf of America, and will take back the Panama Canal.

      In addition, Trump said that he will, for the second time, pull the United States out of the landmark Paris Agreement on climate change.

      Moments before Trump's swearing-in, JD Vance was sworn in as the vice president.

      Trump sworn in as 47th U.S. president

      Trump sworn in as 47th U.S. president

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