On January 16th, the National Bureau of Statistics of China released data showing that as of December 2022, house prices in 70 large and medium-sized cities across the country have fallen sequentially for 16 months. Analysts believe that, judging from the data, the overall domestic property market of China has entered depression in every angle.
The real estate market is not only facing real estate problems, but is expecting economic income. The decline in the overall economic scheme and the long-term impact of the pandemic have caused more people to have worse expectations for future income. This includes, factories, enterprises, shops closing down, employees losing their jobs, losing their source of income and becoming less and less willing to spend on housing.
Meanwhile, house prices have fallen sequentially for 16 months, and the year-on-year decline has been steady, which has led to a change in people’s expectations of the real estate market, that is, prices are expected to continue to fall, leading to further market weakness.
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