Prices weakened in March, extending sequential erosion since May 2023. China’s efforts to stem declines in home prices have not produced the desired results, prompting Goldman Sachs to predict a more aggressive policy response.
China is encouraging more property owners to swap their old homes for new ones as a way to rejuvenate the market. Zhengzhou, home to the largest iPhone factory, is among at least 30 other mainland cities to introduce the trade-in scheme.