China home prices fall in November despite rate cut

Shanghai

CHINA'S housing prices fell on a monthly basis for the seventh straight month in November, a survey showed on Sunday, with the market yet to feel the full impact of an interest rate cut.

The average price of a new home in China's 100 major cities was 10,589 yuan (S$2,249) per square metre in November, down 0.38 per cent from October, the independent China Index Academy said. The fall was a slight improvement from the 0.40 per cent month-on-month drop in October, previous figures showed.