China’s home prices fell in November for a third consecutive month versus year-ago levels, Reuters calculations from official data showed on Thursday, pointing to an intractable property downturn despite government efforts to energise the market.
Average home prices in 70 major Chinese cities were down an annual 3.7 percent last month from 2.6 percent down in October, the biggest drop since Reuters started calculating nationwide housing prices.
The National Bureau of Statistics data showed new home prices fell year-on-year in 68 of the 70 major cities it monitors, up from 67 in October. Yu Liang, president of leading residential developer China Vanke Co said at the weekend China was facing an inventory overhang that would take 13 months to clear.
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