中国：8 月 70 城新建商品住宅均价进一步下跌-China_ 70-city average primary property prices fell further in August

Summary of the Conference Call on China's Property Market Industry Overview - The report focuses on the Chinese property market, specifically analyzing the primary market prices across 70 cities as reported by the National Bureau of Statistics (NBS) [1][2]. Key Findings - The weighted average property price in the primary market fell by 1.8% month-over-month (mom) annualized in August, following a decline of 2.1% in July [8]. - Year-on-year (yoy), the average property price decreased by 2.4% in August, compared to a 2.7% decline in July [2][8]. - Primary home prices in Tier-1 cities remained stable, while Tier-2 and Tier-3 cities continued to experience price declines of 2.0% and 2.3% mom annualized, respectively [8][13]. Market Dynamics - The data indicates that the number of cities with sequentially higher property prices in the primary market increased in August, suggesting some stabilization in certain areas [8][14]. - Secondary market data indicates price declines of 5%-20% over the past year, highlighting a significant disparity between primary and secondary market performance [8]. Regional Insights - In August, Tier-1 cities saw a 0.1% decrease in property prices, while Tier-2 and Tier-3 cities faced more substantial declines [8]. - The report emphasizes that lower-tier cities are facing stronger headwinds due to weaker growth fundamentals and oversupply issues compared to top-tier cities [8]. Transaction Volume and Inventory - The 30-city new home transaction volume increased by 3% year-on-year in September month-to-date, benefiting from a low base in the previous year [11]. - Inventory months in major cities slightly decreased to 25.7 in August from 26.5 in July, primarily driven by Tier-3 cities [11]. Policy Implications - Policymakers have aimed to stabilize the property market since the policy pivot in September of the previous year, with incremental easing measures expected to help contain risks in the property sector [11]. - Recent announcements to relax home purchase restrictions in Tier-1 cities, including Beijing, Shanghai, and Shenzhen, are part of these efforts [11]. Conclusion - The Chinese property market is showing signs of stabilization in primary markets, particularly in Tier-1 cities, while lower-tier cities continue to struggle with price declines and oversupply issues. The ongoing policy measures are aimed at providing support to the market, but challenges remain significant [8][11].