BEIJING (Reuters) – China’s new home prices fell for the fifth straight month in November, official data showed on Friday, as the sector still struggles to elbow its way out of a weak market in the face of dampened confidence in demand and investment.
New home prices fell 0.3% month-on-month after a similar 0.3% dip in October, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
Prices fell at the fastest pace in seven months year-on-year, down 0.2% in November, compared with a 0.1% decline in October.
China has been ramping up measures to cushion the impact of the property downturn on its economy, but the property market has failed to stage a robust rebound.
(Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Sam Holmes and Shri Navaratnam)
