China home sales down the most in 3 years as curbs bite

Shanghai

CHINA's new home sales fell by the most in almost three years last month, adding to signs of cooling as local governments keep rolling out curbs to limit price increases.

Sales by value dropped 3.4 per cent from a year earlier to 909 billion yuan (S$186 billion), according to Bloomberg calculations based on data released on Tuesday by the National Bureau of Statistics. That was the biggest year-on-year decline since November 2014.