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<CN Home>Fitch: CN New Home Mkt Misses Forecasts in 4Q25; High Inventory Expected to Continue Suppressing Home Prices
Recommend 2 Positive 2 Negative 0 |
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China's new home market weakened further in 4Q25, with 11M25 sales down 11.2% YoY, GFA sold decreasing 8.1%, and ASP falling 3.3%, worse than the institution's previous full-year forecasts, Fitch Ratings said. In terms of inventory, completed new-home inventory (by GFA) has declined for nine consecutive months but was only about 1% lower by end-November 2025 versus end-2024, despite an 8.1% YoY drop in sales GFA, indicating destocking is lagging the contraction in sales. Elevated inventories are likely to continue pressuring home prices in 2026. In 4Q25, Fitch revised the Outlooks on the 'BBB-' ratings of CHINA JINMAO (00817.HK) and CAPITAL DEV (600376.SH) from Negative to Stable, reflecting outperformance in sales and increased clarity around a business transition, respectively. Fitch downgraded CHINA VANKE (02202.HK) by multiple notches to 'RD' after it failed to pay interest and principal on an onshore bond after expiry of the original grace period. AASTOCKS Financial News Website: www.aastocks.com |
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