China’s home prices posted a third consecutive annual drop in November, fueling speculation that the government will need to undertake further measures to avert a sharp slowdown in the economy.
New home prices fell 3.7 percent in November from the year-ago period, after dropping 2.6 percent in October, according to Reuters calculations of official data released by the National Bureau of Statistics Tuesday.
In Beijing, home prices fell 2.1 percent on year in November, faster than October’s 1.3 percent decline. Meanwhile, prices fell 2.9 percent in Shanghai, faster than October’s 2.0 percent drop. Month-on-month, home prices declined 0.5 percent. In October, prices fell 0.8 percent on month.
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