BEIJING: Average new home prices in China's 70 major cities fell 2.6 percent in October from a year earlier, the second consecutive month showing an annual fall, Reuters calculated from official data published on Tuesday.
The data also showed that home prices in China fell in 67 of the 70 cities surveyed in October.
Compared with the previous month, home prices were down 0.8 percent in October, a sixth consecutive monthly drop following September's fall of 1.0 percent, the calculations showed.
Economists believe the cooling housing market poses the biggest risk to the world's second-largest economy, even as Beijing tries to stimulate overall growth.
The National Bureau of Statistics said new home prices in Beijing were down 1.3 percent higher in October compared with a year earlier, versus September's increase of 0.4 percent.
They dropped 1.1 percent from September.
Shanghai's home prices were down 2.0 percent in October from a year ago, versus a 0.8 percent fall in September.
They fell 0.6 percent from September, the sixth month-on-month fall in a row.
Comments
Comments are closed.