Home owners in small Chinese cities are battling a rare property market downdraft as buyers keep away, eroding the wealth of millions in a blow to already brittle consumer confidence in the world's second-largest economy
Smaller cities have been hammered by falling home prices for seven months since September, the latest tally of 70 major cities by China's statistics bureau shows.Register now for FREE unlimited access to Reuters.comThe bureau's data does not fully capture the property malaise across the roughly 300 cities classified as third-tier or lower, or even include the 2,000 smaller county-level cities and 40,000 towns.
"Especially in China's smaller cities, property often accounts for a substantial part of household wealth, with any sign of weakness in the local real estate market dampening consumer confidence and weakening retail sales." "I'd think twice before buying anything now," said a home owner surnamed Shi in Langfang, a tier-three city in Hebei province just south of Beijing.Shi, who owns a hair salon, bought her home a few years ago, and has been hit by falling valuations even as her monthly mortgage payments remained unchanged.
Banks in over 100 cities have cut mortgage rates by an average 20-60 basis points since March, the official said.
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