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MNI BRIEF: China Home Prices Post Biggest Fall in Seven Years

MNI (PERTH)
(MNI) Perth
True

The pressing need for Beijing's new suite of measures to support China's ailing property sector was underscored by the biggest decline in new home prices in seven years in October, according to data released by the National Bureau of Statistics on Wednesday. New home prices fell 0.37% in October, the 14th consecutive monthly decline and the biggest decline in a single month since February 2015. Average new home prices fell 2.4% y/y, an slight acceleration from a 2.3% y/y decline in September.

Beijing responded to the weak property market by unveiling a 16-point plan late last week that seeks to ease financing pressures on developers. (See CHINA PRESS : Policy Support For Property Developers Is Not A Bail Out - Yicai).

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The pressing need for Beijing's new suite of measures to support China's ailing property sector was underscored by the biggest decline in new home prices in seven years in October, according to data released by the National Bureau of Statistics on Wednesday. New home prices fell 0.37% in October, the 14th consecutive monthly decline and the biggest decline in a single month since February 2015. Average new home prices fell 2.4% y/y, an slight acceleration from a 2.3% y/y decline in September.

Beijing responded to the weak property market by unveiling a 16-point plan late last week that seeks to ease financing pressures on developers. (See CHINA PRESS : Policy Support For Property Developers Is Not A Bail Out - Yicai).

Keep reading...Show less