China's property sector shrank further in November, with falls in prices, sales and investment, partly as COVID-19 restrictions hit demand, although recent market-supportive policies and the easing of COVID curbs have burnished the outlook.
Analysts expect sentiment to recover gradually next year, as the relaxation of COVID restrictions and property support policies take effect.
New home prices fell 0.2% from October, the fourth straight decline, and by 1.6% from a year earlier, the seventh on-year drop, according to Reuters calculations based on National Bureau of Statistics data. Some Chinese cities imposed lockdowns in November to quell coronavirus flare-ups, further denting already sluggish demand. Chinese authorities in recent weeks stepped up financing support for developers, the latest in a slew of steps to stimulate house purchases.
Beike's Liu predicted housing demand will be gradually released in 2023 as consumer sentiment will improve with a progress in housing delivery.
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