Chinese Home Prices are declining at their fastest rate in 8 years

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More Chinese cities record falling home prices in October

BEIJING, Nov. 16 (Xinhua) — More Chinese cities reported falling home prices in October, official data showed Thursday.

The National Bureau of Statistics said 56 of 70 large and medium-sized cities saw month-on-month drops in new home prices, up from 54 in September, while 67 registered price declines for second-hand homes, compared to 65 in the previous month.

In the four first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen, prices of new homes, while unchanged in September, edged down last month, and that of resold homes turned to drops from marginal increases.

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