China Housing Update for December Shows Market Differentiation

Generally, sales have stabilized and rebounded in first-tier cities, while price declines have narrowed. 央行降息满月:楼市现止跌企稳 一线城市房价企稳反弹

More ghost cities emerge in third and fourth tier cities due to large inventory. One issue discussed in this article is the death of the demographic dividend. Most young people today "own" a house in a third- or fourth-tier city because their parents home will pass to them, but this is not an incentive to leave a second-tier city, and in fact the flow of population is going into second-tier cities. Many industries only exist in first- and second-tier cities. So these are potentially new ghost cities as the older population dies off and the young population leaves, something that can be seen across the Rust Belt and Northeast region of the U.S. 三四线再曝鬼城:房子积压太多 还在疯狂盖

Nanjing housing market is hot and cold as market differentiation takes hold. Recently, cheap and expensive housing have both come to market. A high end property quickly sold 90% of its units, while a low-end property struggled to even sell 10% of its units. 南京楼市冰火两重天 专家:市场分化明年将持续

Guangzhou is the exact opposite of Nanjing. November sales were up in the cheaper segments and down in the more expensive ones. The general situation has cooled a bit in December, with the market dominated by those with current housing demand. 楼市寒冬持续 广州小户型二手房成交量同比下滑

The PBOC's Q4 survey of business and banking conditions is out and nearly 60% of Chinese still believe home prices are too expensive. 央行:近60%居民认为目前房价高

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