Home prices drop for fifth con­sec­u­tive month

China Daily (Canada) - - NEWSCAPSULE -

New home prices in China de­clined across more ci­ties in Septem­ber for the fifth con­sec­u­tive month de­spite eas­ing of gov­ern­ment re­stric­tions on the mar­ket.

Prices in 69 of 70 sam­pled ci­ties showed month-on-month drops in Septem­ber, com­pared to 68 in Au­gust, the Na­tional Bureau of Statis­tics (NBS) said in a state­ment. The only ex­cep­tion was the city of Xi­a­men, where home prices re­mained flat from the pre­vi­ous month.

Fri­day’s data were re­leased with other statis­tics that showed slower growth in real es­tate in­vest­ment and prop­erty sales.

The con­tin­u­ing down­turn in the prop­erty mar­ket, a ma­jor growth en­gine for the world’s sec­ond largest econ­omy, dragged down growth in the broader econ­omy, which slowed to 7.3 per­cent in the third quar­ter. (Photo 1)

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