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CHINA ECONOMY

epa11281208 Laborers work at a construction site in Shanghai, China, 15 April 2024 (issued 16 April 2024). China's new home prices fell by 2.2 percent year-on-year in March 2024, according to the National Bureau of Statistics. This marks the ninth consecutive month of decline and the steepest pace since August 2015, despite the government's multiple efforts to reduce the impact of a prolonged property downturn and a fragile economic recovery. Prices dropped at a faster rate in Shenzhen (-5.5 vs -4.8 percent in February) and Guangzhou (-5.5 vs -4.6), while moderating in Beijing (0.8 vs 1.0), Chongqing (0.5 vs 1.2), and Tianjin (0.5 vs 1.5). Shanghai bucked the trend by recording an increase of 4.3 percent in March, after rising 4.2 in February. On a monthly basis, new home prices remained unchanged in March, the same as in the prior two months. EPA/ALEX PLAVEVSKI

foto ALEX PLAVEVSKI