China home prices fell at the fastest pace in almost a year in September, adding to doubts over whether Beijing’s steps to prop up the property market are enough to revive the sector.
New-home prices in 70 cities, excluding state-subsidized housing, declined 0.3% last month from August, when they slipped 0.29%, National Bureau of Statistics figures showed Thursday. That was the steepest month-on-month decline since October 2022.
Prices slid 0.48% in the secondary market, matching the previous month’s decline which was the largest recorded since 2014. The price cuts came even as major cities rolled out measures to stimulate the market, such as lowering mortgage rates and down payment requirements.
Read the full story on Bloomberg here.