China new home prices registered their fifth month of annual drops in January, as tepid demand dragged on sentiment despite moves by the government to encourage buying.
New home prices fell in 69 of 70 cities by an average of 5.1 percent from the year-ago period, according to Reuters calculations based on fresh data from the National Bureau of Statistics (NBS) on Tuesday.
The pace pips the 4.3 percent decline in December, which was the largest drop since the current data series began in 2011, according to the FT.
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