China Says Housing Prices Are Stable, But Developers See Significant Declines
HONG KONG—According to government statistics, China’s housing market has cooled from its hot gains of years past but is still ticking along. The average new-home price rose 1.7% year over year in January and 1.2% in February.
Yet financial filings, marketing materials for apartments, property agents and analysts tell a different story: Debt-burdened developers are selling apartments at falling prices and in some cases providing big discounts to get cash in the door.
