Fitch Ratings on "Domestic Real Estate": The mainland new housing market is trending weak in the fourth quarter, with sales and housing prices in the first eleven months falling short of expectations
Fitch Ratings pointed out that China's new housing market will further weaken in the fourth quarter of 2023, with sales in the first 11 months down 11.2% year-on-year, total sold floor area decreasing by 8.1%, and average prices falling by 3.3%. These figures are all below Fitch's annual forecast. The market weakness is mainly due to economic slowdown and labor market pressures, and it is expected that housing prices will continue to decline. Fitch has adjusted the rating outlook for CHINA JINMAO and Beijing Capital Development Holdings to stable, but due to repayment risks, Vanke's rating has been downgraded to restricted default
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