China’s October new home prices fell at their fastest pace in over seven years in a deepening contraction induced by COVID-19 curbs and a liquidity crisis that in recent days had forced authorities to increasingly ramp up supportive policies, reports Reuters. On an annual basis, new home prices slumped 1.6%, the fastest pace since August 2015, worsening from the 1.5% year-on-year fall in September and marking the sixth month of contraction.
New home prices declined 0.3% month-on-month, easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
The property sector has struggled with defaults and stalled projects since authorities started to clamp down on excessive leverage in mid-2020, hitting market confidence and weighing on economic activity.
