China’s new home prices fell significantly in December for a fourth straight month even as year-end sales volumes surged – a somber omen for fourth-quarter 2014 economic growth data due out later in the week.
Sunday’s gloomy National Burea of Statistics’ data foreshadowed weak economic figures set for Tuesday, with expansion expected to slow to 7.2 percent, the weakest since the depths of the global financial crisis. Falling property prices are likely to keep pressure on policymakers to head off a sharper slowdown this year.
The expected slowdown in growth of the world’s second-largest economy, from 7.3 percent in the July-September quarter, means the full-year figure would undershoot the government’s 7.5 percent target and mark the weakest expansion in 24 years.
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