China's new home prices fall at faster pace in Oct
FILE PHOTO: Surveillance cameras are seen near residential buildings under construction in Shanghai, China July 20, 2022. REUTERS/Aly Song
BEIJING : China's new home prices fell at a faster pace in October as persistent COVID-19 curbs, a faltering economy and property woes weighed on demand, official data showed on Wednesday, but a rescue package for the sector has brightened the outlook.
New home prices declined 0.3 per cent month-on-month in October after easing 0.2 per cent in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
New home prices slid 1.6 per cent year-on-year in October, falling for the sixth straight month. Prices declined 1.5 per cent year-on-year in September.
Chinese regulators have outlined multiple financing measures to shore up the country's struggling real estate sector, two sources said on Sunday.
