China home prices fall 1.3% in September
Drop wipes out a year's gains, raises expectations government will have to add stimulus to buffer blow to economy
Hong Kong
CHINESE home prices fell for a fifth straight month in September, wiping out a year's gains and raising expectations the government will have to add stimulus to cushion the blow to the economy.
Average home prices in 70 major Chinese cities fell 1.3 per cent last month from a year earlier, marking the first drop since November 2012, according to Reuters calculations from data published on Friday by the National Bureau of Statistics(NBS).
The decelerating property market, which accounts for about 15 per cent of China's economy, has crimped demand in 40 sectors ranging from steel to cement and furniture, becoming the single biggest drag on domestic activity, according to some analysts. "The property downturn is still the main drag on economy," Wang Tao, an analyst at UBS in Hong Kong, said in a note. "The negative impact of the ongoing property downturn is being felt not only in heavy industry production, b…
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