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Record number of cities with falling home prices in China - ING

FXStreet (Łódź) - Tim Condon comments on the Chinese House Price Index data released on Monday and showing a 2.5% rise in July, compared with the 4.2% increase seen in June.

Key quotes

"The National Bureau of Statistics’ 70-cities new home price data for July revealed a record 64 cities with sequential (MoM) declines in new home prices, up from 55 in June."

"We view the current housing downturn as more of an oversupply than weak-demand problem."

"Reports of rising number of cities relaxing home purchase restrictions are encouraging though with a large inventory overhang they provide no hope of a quick rebound in prices."

"On Friday, the State Council’s Legislative Affairs Office published a draft regulation towards launch of the national property registration system. The system is aimed at curbing the corruption as well as speculation in the property sector."

"The housing market correction is the main hard-landing threat to the economy."

"We expect the macroprudential measures, not a broad housing policy easing, to be the authorities’ response."

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