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China's new home prices fall at faster pace in Oct

Reuters · 11/15/2022 20:31
China's home prices fall at faster pace in Oct

- China's 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% month-on-month in October after easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data.

New home prices slid 1.6% year-on-year in October, falling for the sixth straight month. Prices declined 1.5% 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.

(Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Ana Nicolaci da Costa)