October home prices post slowest growth since 2005

Home prices in October grew at their slowest pace since 2005 as a weakening economy hurt demand, the South China Morning Post reported. The National Development and Reform Commission said that home prices in 70 major Chinese cities rose by 1.6% year-on-year in October, the slowest pace since July of 2005, when the number of cities in the sample survey was doubled to 70. Housing prices in 10 cities declined, with Shenzhen posting the biggest drop, at 12.6%. Of the cities surveyed Yingchuan, the capital city of Ningxia, saw the fastest growth in housing prices at 11.4%.