New apartment prices in China fall for the first time in six years

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Photo taken on Jan. 2, 2021 shows buildings beside the Dishui Lake in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. (Photo by Ji Haixin/People's Daily Online)
Photo taken on Jan. 2, 2021 shows buildings beside the Dishui Lake in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. (Photo by Ji Haixin/People's Daily Online)

Prices for new flats in China have fallen for the first time in six years, according to figures released by the National Bureau of Statistics on Wednesday.

The figures show that prices in 70 cities across the country fell by an average of 0.08 per cent month-on-month in September.

Property markets in China have been booming in recent years, and this is the first decline since April 2015. The figures also show a drop of 0.19 per cent in the prices paid for existing flats in September.

The Chinese property market is in turmoil due to the ongoing financial crisis hitting the Evergrande Group, which is increasingly spreading to the industry as a whole and has caused other real estate companies to stumble.

Evergrande is heavily in debt and has had to delay interest payments on its bonds several times.

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