China’s December new home prices fell at the fastest pace since February 2015, marking the sixth straight month of declines, official data showed on Wednesday, with the sector still struggling to get back on its feet due to weak confidence, reports Reuters. New home prices fell 0.4% month-on-month after dipping 0.3% in November, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
Prices declined at the steepest pace in nine months, down 0.4% from a year earlier after a 0.2% fall in November.
Sustained weakness in the sector, once a key driver of economic growth accounting for around a quarter of China’s economy, could drag on the country’s broader recovery.
Authorities have been scrambling to roll out measures to boost sentiment, but home buyers remain cautious amid a sluggish economic recovery and prolonged property crisis.