China new home prices registered their sixth straight month of annual decline in February, as tepid demand continued to weigh on sentiment despite the government’s efforts to spur buying.
New home prices fell 5.7 percent on year in February, according to Reuters calculations based on fresh data from the National Bureau of Statistics on Wednesday. The reading was worse than January’s 5.1 percent decline and marks the largest drop since the current data series began in 2011.
Meanwhile, both Beijing and Shanghai clocked home price declines. In Beijing, prices fell 3.6 percent on year following a 3.2 percent drop in January, while prices in Shanghai fell 4.7 percent, following January’s 4.2 percent drop.
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