Home prices drop for fifth consecutive month
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)