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New and Second-Hand House Prices in China Rise Slightly post-Coronavirus

The price of new homes in China rose slightly in March, by 0.13% on average, buoyed by pent-up demand following the coronavirus.

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Phoenix Town, in Hunan (China).

The price of new homes in 70 large cities across China rose by an average of 0.13% in March compared to February, according to data from China’s National Bureau of Statistics, released after the re-opening of the economy post-coronavirus. The data excludes state-subsidised housing but have sparked enormous global interest as they are the first figures available from the first country to overcome the pandemic.

In January and February, when Covid-19 was at its peak in the Asian country, transactions and the launch of new projects were slowed by an average of between 15% and 40%, as reported by Brainsrenews. In this way, property sales fell by 35.9% compared to the same period a year earlier, whilst the surface area of ​​assets sold decreased by 39.9%.

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