BEIJING :China’s new home prices fell for the fifth straight month in November, official data showed on Friday, as the sector still struggles to elbow its way out of a weak market in the face of dampened confidence in demand and investment.
New home prices fell 0.3 perent month-on-month, matching the figure in October, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
Prices fell at the fastest pace in seven months year-on-year, down 0.2 per cent in November, compared with a 0.1 per cent decline in October.
China has been ramping up measures to cushion the impact of the property downturn on its economy, but the sector has failed to stage a robust rebound.
Tier-one, tier-two and tier-three cities all recorded declines for new home prices for the second month in November.
Among 70 cities surveyed by the NBS, 59 reported a fall in home prices, up from 56 in October.
Fitch Ratings this week also projected home prices in China to fall by 5 per cent-7 per cent next year, with the decline set to extend into 2025. Source: Reuters
