China’s Property Prices Fall 6.1%

China’s home prices fell 6.1 percent in April from the year-ago period, unchanged from March, according to Reuters’ calculations of Chinese official data released on Monday.

The pace of the fall appears to be moderating in Shanghai and Beijing, down 4.7 percent and 3.2 percent, respectively, compared to 5 percent and 3.7 percent in March.

China’s property sector, which contributes about 15 percent to the country’s economy, has been slowing in recent years, hit by housing curbs and oversupply.