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.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015